China’s wealthiest man has taken advantage of the fall in sterling to make a bet that Brexit’s real-life drama will not stop Britons from watching movies, with the ￡921m acquisition of the UK’s Odeon cinema chain.
AMC, the US chain owned by Wang Jianlin’s Dalian Wanda, will become the world’s biggest cinema operator after the acquisition, which will also provide an exit from a 12-year investment for Guy Hands’ Terra Firma buyout group.
The proposed deal values Odeon and UCI cinemas at ￡921m ($1.2bn), including ￡407m of net debt, to be paid in a mixture of cash and equity in AMC.
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