Cineworld to buy CCI, become no. 2 cinema operator in Europe
In a move that would make it the second-largest cinema operator in Europe – and surely the largest in Hungary – UK-based Cineworld is set to acquire Poland-based Cinema City International (CCI) assets in seven countries via a £900 million (€1.088 billion) deal.
While legally the acquisition appears to be a merger, an unnamed source informed Sky News that, with Cineworld boasting 80% larger market capitalization, the new entity will most likely be structured as a takeover by the bigger company.
The deal has been dubbed the most ambitious deal in the history of the Cineworld, which is currently the UK’s second-largest cinema operator. Some analysts believe the move comes in direct response to recently-released data from media/entertainment industry analysts Rentrak showing a 1% decline in box office intake in the country for 2013.
CCI operates 20 multiplexes in Hungary, including seven in Budapest. Over 70 more CCI multiplexes are in operation in the Bulgaria, Czech Republic, Israel, Poland, Romania and Slovakia.
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