Canadian Investment Firms to Pay $1.45 Billion for European Cinema Chain Vue
LONDON -- Canadian investment groups OMERS Private Equity and Alberta Investment Management Corporation will pay $1.45 billion (£935 million) to acquire pan-European multiplex operator Vue Entertainment.
Private equity firm Doughty Hanson is selling the exhibition chain, which it bought in 2010 for $700 million (£450 million).
In the wake of the deal, Vue broadened its horizons beyond the U.K. and Ireland, buying exhibition companies in Germany and Poland. Vue currently operates 146 cinemas and 1,321 screens.
The transaction, announced Monday, is expected to close by late July or August, Doughty Hanson said.