Chinese company closes buy of AMC theater chain
Wednesday, September 5, 2012
NEW YORK (AP) — Chinese conglomerate Wanda says it has closed on the acquisition of AMC Entertainment Holdings, one of the largest movie theater chains in the U.S.
The $2.6 billion deal is the largest takeover yet of a U.S. company by a Chinese firm. It also makes Wanda the world's largest owner of cinemas.
Dalian Wanda Group Co.'s purchase reflects the global ambitions of cash-rich Chinese companies that are using acquisitions to speed their expansion.
The Beijing-based company said it will invest an additional $500 million in AMC and keep its headquarters in Kansas City, Mo.
AMC operates 338 cinemas. It's owned by a group of private-equity firms.
Wanda, founded in 1988 and privately owned, operates hotels, department stores, tourism and other businesses. It has 94 theaters in China.
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