Huge merger in cinema world: British cinema network Cineworld Group acquires Canadian network Cineplex for $2.15 billion (C $ 2.8 billion). The owner of the Cineworld Group is the Greidinger family from Haifa and is managed by Moshe (Mooky) Greidinger.
The annual pre-tax profit to contribute to the acquisition will be US $130 million in the first year. The Sunderland announcement said that combining Cineplex with Regal’s network it acquired last year would make the group the leader in North American cinemas.
The deal is subject to shareholder approval from both relevant companies and regulators, and according to the announcement it is expected to be completed by the end of the first half of 2020, given that the approvals will be received. The Cineworld Board of Directors has unanimously approved the deal and similarly received from key shareholders.
In February 2018, Cineworld completed its previous huge deal, under which it acquired American Regal Entertainment (at 2.7 billion pounds), a deal that made it the world’s second-largest branch.
The group owns 9,518 movie screens in 790 movie theaters in 10 countries – the UK, USA, Ireland, Poland, Romania, Israel, Hungary, the Czech Republic, Bulgaria, and Slovakia. In Israel, the group operates the Yes Planet cinema network.