Cineplex to acquire 26 theatres from Empire
Cineplex Inc. entered into an agreement to purchase select theatres from Empire Theatres Ltd. for a cash purchase price of $200 million, subject to certain adjustments to be made at closing.
The purchase includes 24 Empire theatres located in Atlantic Canada—13 in Nova Scotia, six in New Brunswick, three in Newfoundland, and two on Prince Edward Island. Also included are two Ontario locations in Whitby and Kanata. The 26 theatres will add a total of 218 screens to the Cineplex circuit.
“This is a significant event for Cineplex, as the acquisition will provide our company with a truly national, coast-to-coast presence,” said Ellis Jacob, president and CEO, Cineplex Entertainment. “This acquisition is an excellent strategic fit for Cineplex. It provides us with a presence in Atlantic Canada and it will enable us to leverage our existing businesses to maximize shareholder value.”
Cineplex will invest in the acquired theatres and may add its proprietary UltraAVX™ auditoriums, VIP Cinemas and XSCAPE Entertainment Centres to certain locations. The theatres will be rebranded as Cineplex Cinemas.