Chinese Tycoon Snaps Up Odeon In ￡921m Deal

Wang Jianlin's AMC shrugs off Brexit uncertainty and takes advantage of weak sterling to create the world's largest cinema chain.

The Odeon and UCI chain is being sold to a company controlled by China's richest man in a ￡921m deal that will create the largest cinema operator in the world.

AMC Entertainment Holdings, which is majority owned by Wang Jianlin's Dalian Wanda group, is buying the group from private equity firm Terra Firma.

The US company shrugged off Brexit-related uncertainty as it announced the deal, noting that the plunge in the value of the pound was "highly favourable" to it.

Odeon and UCI, which has 242 cinemas with 2,236 screens, will continue to be based in London and will operate as a subsidiary of New York-listed AMC.

The takeover will create a group with 627 venues and more than 7,600 screens in eight countries.

AMC boss Adam Aron said: "This is a once-in-a-generation opportunity to acquire Europe's leading cinema chain and create the world's biggest and best theatre operator.

"Odeon & UCI is a great business with iconic brands, strong market presence and passionate teams, and their impressive recent transformation is just the beginning.

"While we acknowledge that there are some uncertainties related to Brexit, we are encouraged that current currency rates are highly favourable to AMC with the pound falling to a three-decade low versus the dollar."

The Odeon and UCI business has effectively been on the market for the best part of a year following previous attempts by Terra Firma, led by prominent financier Guy Hands, to offload it.