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Cinema City’s owner in Eastern Europe deal

PUBLISHED: 15:51 10 January 2014 | UPDATED: 17:55 10 January 2014

Cinema City, Norwich.

Cinema City, Norwich.

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The UK’s largest cinema operator is buying about 100 multiplexes in eastern Europe and Israel in a cash and shares deal worth about £500m.

Cineworld, which owns Cinema City in Norwich, is buying the outlets from Cinema City International (CCI), which is listed on the Warsaw stock market.

The UK company will pay CCI £272m in cash, and has launched a £110m rights issue to help fund the purchase.

Cineworld chairman Anthony Bloom called the deal “an exciting and unique opportunity” for his company.

Audiences in eastern Europe are growing fast.

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