U.K.'s Cineworld Acquires Spanish Circuit Cinesur Circuito Sanchez-Ramade.
Cinesur is the fifth largest operator in Spain and the largest in the Andalucia region.
LONDON -- U.K. exhibition chain Cineworld Group, listed here on the stock exchange, is crossing borders into overseas territories with the acquisition of Spanish circuit Cinesur Circuito Sanchez-Ramade.
The €18.6 million ($26.5 million) deal will be bankrolled by Cineworld’s loan facility, set up in March this year.
Cinesur is the fifth largest operator in Spain and the largest in the Andalucia region. The transaction comprises 11 multiplexes and a total of 136 screens.
Cineworld CEO Stephen Wieners aid the buy marks the company’s first continental acquisition, “taking us into a market which we believe has good growth prospects.”
Added Wiener: “Cinesur is an attractive platform for growing market share in a country that is serviced by many smaller cinema operators.”