AMC acquiring 93 Kerasotes theaters
Deal will close following regulatory reviewAMC Entertainment has agreed to acquire 93 of the 96 movie theaters operated by Kerasotes Showplace Theatres.
Based in Kansas City, Mo., AMC is the nation's second-largest exhibitor, after Regal Entertainment, and operates more than 4,574 screens in five countries. Headquartered in Chicago, Kerasotes operates 973 movie screens in theaters located in middle-sized markets throughout the U.S.
Kerasotes co-toppers Tony and Dean Kerasotes will retain and operate the three remaining Kerasotes theaters -- one each in Chicago, Minneapolis and Secaucus, N.J.
Kerasotes is owned by the Kerasotes family and Providence Equity. Financial terms of the agreement with AMC were not disclosed.
"Combining Kerasotes' highly regarded assets and operations with our own is a natural way for us to continue redefining the future of our industry," AMC chief Gerry Lopez said.
"Our team has delivered a consistent, high-quality experience for customers, and we have appreciated Providence's partnership over the last six years in helping Kerasotes grow into the sixth-largest motion picture exhibition company in North America," Tony Kerasotes said.
The deal will close following regulatory review.