Vue Entertainment International has agreed to acquire The Space Entertainment S.p.A., a cinema chain in Italy. While the deal’s value was not disclosed by the company, Reuters reported it as 105 million euros (US$134 million). Vue said the acquisition is its fourth in the past three years and is supported by a follow-on investment by the company’s backers, OMERS Private Equity and Alberta Investment Management Corp (AIMCo). OMERS and AIMCo jointly acquired the business from British private equity firm Doughty Hanson in 2013 for $1.48 billion. Based in London, United Kingdom, Vue is an operator and developer of modern state-of-the-art multiplex cinemas.
Vue Entertainment International reaches agreement to acquire The Space Entertainment S.p.A., Italy’s
Vue Entertainment International (“Vue”), the multiple award winning operator of modern state-of-the-art multiplex cinemas, has today agreed to acquire The Space Entertainment S.p.A., (“Space”), the leading cinema chain in Italy, with 36 state-of-the-art multiplex cinemas across the country.
The deal is the fourth acquisition in the past three years by Vue and is supported by follow-on investment from Vue’s financial shareholders, OMERS Private Equity and AIMCo. During this period, Vue has more than doubled the number of cinemas and screens under its ownership from 70 to 187 cinemas and from 678 to 1,727 screens. Vue acquired Apollo in the UK in May 2012, CinemaxX in Germany in August 2012, Multikino in Poland in October 2013 and expects to complete the Space deal in November.
Vue now has leading positions in three of the top four cinema markets in Europe, the United Kingdom, Germany and Italy, as well as Poland, Denmark, Ireland, Latvia, Lithuania and Taiwan.
Space is the number one cinema chain in Italy by market share and was formed by the merger of the Medusa Multicinema and Warner Village Cinema chains in 2009. The Space circuit consists of 36 multiplex cinemas with 362 screens and 79,126 seats, offering the very best movie-going experience to Italian filmgoers. The management team and high quality purpose built state-of-the-art multiplex cinemas, perfectly complement Vue’s existing circuit and business model.
Tim Richards, Founder and CEO of Vue said: “The acquisition of Space is another very exciting addition to the Vue Group and continues our strategic plan of supplementing our organic growth through opening new cinemas with strategic acquisitions of the highest quality assets in the UK and continental Europe. Italy is the fourth largest cinema market in Europe and has a long tradition of high quality Italian film production. Giuseppe Corrado and his team have built and operated one of the very best circuits in Europe and we are delighted to welcome Space to the Vue family.”
Source: Vue Entertainment International
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