TORONTO, ONTARIO--(Marketwired - Oct. 10, 2013) - Cineplex Entertainment (TSX:CGX) today received a No Action Letter ("NAL") from the Commissioner of Competition, enabling the company to proceed with an acquisition of 24 Empire theatres in Atlantic Canada.
The parties had requested approval from the Commissioner of Competition to allow Cineplex to acquire two additional theatres - in Whitby and Kanata, Ontario - but the proposed transaction was subsequently restructured and those two theatres are not included in the NAL and will not be acquired by Cineplex.
The revised cash purchase price is approximately $194 million, subject to certain adjustments to be made at closing, and the transaction is expected to close later this month.
"Today's announcement brings us an important step closer to our goal of establishing a truly national, coast-to-coast presence for Cineplex," said Ellis Jacob, President and Chief Executive Officer, Cineplex Entertainment. "We look forward to providing our Atlantic Canadian guests an exceptional entertainment experience."
On closing, Cineplex will remain Canada's largest theatre exhibitor, operating 161 theatres and 1,635 auditoriums from coast to coast.
Cineplex Inc. ("Cineplex") is one of Canada's leading entertainment companies and operates one of the most modern and fully digitized motion picture theatre circuits in the world. A top-tier Canadian brand, Cineplex operates numerous businesses including theatrical exhibition, food services, gaming, alternative programming (Front Row Centre Events), Cineplex Media, Cineplex Digital Solutions, Cineplex Digital Networks, and the online sale of home entertainment content through CineplexStore.com and on apps embedded in various electronic devices. Cineplex is also a joint venture partner in SCENE - Canada's largest entertainment loyalty program.
Cineplex is headquartered in Toronto, Canada, and operates 136 theatres with 1,454 screens from British Columbia to Quebec, serving approximately 71 million guests annually through the following theatre brands: Cineplex Odeon, SilverCity, Galaxy Cinemas, Colossus, Coliseum, Scotiabank Theatres, Cineplex Cinemas, Cineplex VIP Cinemas, Famous Players and Cinema City. Cineplex also owns and operates the UltraAVX, Poptopia, and Outtakes brands. Cineplex trades on the Toronto Stock Exchange under the symbol CGX. More information is available at www.cineplex.com.