Cineworld takes over Picturehouse cinema group
Indie and foreign movie specialist agrees to a £47.3mn takeover
By CFOWorld.co.uk staff | CFO UK | Published 13:41, 06 December 12
Cineworld has taken over UK specialist cinemas operator Picturehouse in an all-cash sale deal worth £47.3 million.
According to a corporate statement on Thursday, the deal would see Cineworld add Picturehouse's 21 cinemas to its existing property portfolio of 80 sites across the UK. To help fund the deal, Cineworld is to raise £16 million through a share flotation.
Stephen Wiener, chief executive of Cineworld, said, "This acquisition gives us an opportunity to accelerate our growth by reaching new audiences in a high value and growing part of the market."
Picturehouse MD Lyn Goleby said, "The unique character of Picturehouse cinemas will remain, and our team will continue to bring the widest range of film to customers."
Picturehouse is usually associated with the screening of independent, art and foreign movies.
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