Cineplex Purchased by British Company for $2.8 Billion

Cineplex Purchased by British Company for $2.8 Billion
Here's hoping Tanner Zipchen gets one hell of a raise, as national theatre chain Cineplex has been acquired by the U.K. company Cineworld for $2.8 billion.

The Canadian company was purchased for $34 per share, adding up to the massive total including the assumption of net debt.

"Since Cineplex went public in 2003, we have been committed to delivering value to our shareholders. We believe this transaction today is both financially compelling and in our shareholders best interest," Cineplex CEO Ellis Jacob said in a press release. "Cineworld Group shares our passion for entertainment and mirrors our commitment to delivering exceptional guest experiences through state-of-the-art technology. The entertainment industry continues to transform and we are pleased that through this agreement we are ensuring Cineplex is part of the next era of global entertainment."

Cineplex operates 11,200 screens in 165 movie theatres across Canada. Its agreement with Cineworld will close in the first half of 2020.

Cineworld calls itself the second-largest cinema business in the world, by number of screens, with operations in the United Kingdom, Ireland, Poland, the Czech Republic, Slovakia, Hungary, Bulgaria, Romania, Israel and the U.S.