AMC Theatres to purchase Carmike Cinemas, making greatest movie theater chain

AMC Theatres buys Carmike Cinemas to create biggest chain

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AMC amusement Holdings, controlled through China's richest man, agreed to purchase Carmike Cinemas in a $1.1 billion all-cash deal that would create the world's biggest cinema chain. Bloomberg's Dave McCombs stories on "Trending business." Bloomberg

AMC Theatres will purchase Carmike Cinemas for $1.1 billion, the companies said Thursday. The mixed company will turn into the greatest movie theater chain within the country.(photo: FREDERIC J. BROWN, AFP/Getty photographs)

AMC Theatres will acquire competitor Carmike Cinemas in a $1.1 billion deal on the way to make the combined business the greatest movie show chain in the nation.

asserting the deal Thursday, AMC CEO Adam Aron talked about the acquisition will aid AMC expand its geographic attain and cater to millions of latest consumers. AMC has 387 theaters, basically concentrated in bigger markets including l. a., Chicago and manhattan. Carmike operates 276 theaters, commonly in mid-measurement communities. the new company would have greater theaters than the latest chief, Regal enjoyment community, which has 572 theaters.

AMC can pay $30 per share in money to acquire Carmike's surprising shares. it be financing the deal with present liquidity, money accessible and incremental debt. The deal is anticipated to close by means of the end of the yr.

AMC plans to carry its higher-conclusion experience, corresponding to top rate food and drinks and plush recliners, to Carmike areas. AMC "gets to prolong the attain of our ingenious, guest-journey ideas to extra radically change the movie-going adventure for tens of millions of latest visitors," Aron stated in a corporation statement.

Carmike CEO David Passman also referred to the two chains have constrained overlap.

"by way of joining with AMC, we are bringing together two particularly complementary theater footprints and a shared commitment to carrier and innovation, positioning the combined business to carry an excellent more compelling film-going event in many more areas throughout the nation," he talked about in a statement.

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