Cinema City’s owner in Eastern Europe deal
15:51 10 January 2014
Archant Â© 2011; 01603 772434
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.