China?s Wanda Group Agrees To Pay $2.6B For AMC Entertainment

About $2B in the purchase price comes from Wanda’s assumption of AMC’s debt, I’m told. The deal is expected to close in a few months after it’s approved by anti-trust officials and the federal Committee on Foreign Investment in the United States. In the meantime, AMC will keep alive its application at the SEC to go public — even though the company has done little to move it along. Wanda sees its acquisition of AMC as an opportunity to secure a foothold in the U.S., learn industry best practices, and strengthen its relationship with IMAX. The deal calls for AMC management to remain in charge of the U.S. operation at the company headquarters in Kansas City. Wanda’s deep pockets also should enable debt-laden AMC to make needed renovations, and possibly give it the ability to acquire theaters. Here’s the announcement:

BEIJING, China and KANSAS CITY, Mo., May 20, 2012 — Dalian Wanda Group Co., Ltd. (?Wanda?), a leading Chinese private conglomerate and China?s largest investor in cultural and entertainment activities, and AMC Entertainment Holdings, Inc. (?AMC?), a preeminent U.S. movie exhibitor, today announced that they have signed an agreement under which Wanda will acquire AMC, creating the world?s largest cinema owner. The transaction is valued at approximately US$2.6 billion. Wang Jianlin, Chairman and President of Wanda, said, ?This acquisition will help make Wanda a truly global cinema owner, with theatres and technology that enhance ... Read More »

refrigerator defrost drain plugged appliance repair torrance appliance repair round rock