U.K. Exhibitor Vue to Take Over German Multiplex Group CinemaxX
Herbert Kloiber signs deal to sell majority stake in German multiplex group to British cinema owner for $180 million.
COLOGNE, Germany – British theatrical exhibitor Vue Entertainment has signed a deal to buy a majority stake in German multiplex operator CinemaxX from German mogul Herbert Kloiber.
The agreement will see Vue pay €6.45 a share for Kloiber’s 22.8 million shares in CinemaxX. The deal, which is valued at $180 million (€147 million), will give Vue an 84.6 percent stake in the Hamburg-based theater chain.
The deal, which still has to pass muster with anti-cartel authorities, will create a pan-European giant, operating 119 theaters with 230,000 seats across the U.K., Ireland, Germany and Denmark. Vue hopes to close the deal in the third or fourth quarter of this year.
The CinemaxX deal is Vue’s second big acquisition this year, coming on the heels of its $32 million buyout of U.K. indie cinema circuit Apollo Cinemas in May. Vue is controlled by a group of private equity companies.