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EU: AMC to buy Europe’s Odeon deal helped by weaker pound

By  |  July 12, 2016

AMC Entertainment Holdings said Tuesday that it would acquire European movie theater operator Odeon & UCI Cinemas Group for about £500 millionin a deal helped by the weaker British pound following the UK’s vote to leave the European Union.

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    AMC said while there are “some uncertainties” related to the Brexit vote, the decades-low exchange rate between the US dollar and British pound made the deal highly favorable to AMC.

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    The move comes as the US theater chain works to close its delayed deal for Carmike Cinemas Inc. AMC warned that its $1.1 billion dealto buy Carmike remains at “considerable risk” because some shareholders have an “unrealistic view” of Carmike’s value to AMC.

    AMC said the deal to buy Odeon & UCI would make it the world’s largest movie theater operator. Odeon & UCI operates 2,236 screens in 242 theaters across seven European countries, including in the UK, Spain and Italy. AMC has 385 locations and 5,380 screens located primarily in the US.

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