Film-Tech Forum ARCHIVE: Regal Buys Out Great Escape Theatres

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Posted by Jonathan M. Crist (Member # 413) on 12-01-2012, 01:21 AM:

The fallout from the cost of digital conversion continues.

Regal announced today it has completed purchase of the Great Escape circuit: 25 theatres representing 301 screens:

Regal Buys Great Escape Theatre

Posted by Dominic Espinosa (Member # 2122) on 12-01-2012, 04:33 PM:

quote:
Regal Entertainment Group (NYSE: RGC), a leading motion picture exhibitor owning and operating the largest theatre circuit in the United States, today announced that it has completed the acquisition of Great Escape Theatres.

Regal acquired a total of 25 theatres representing 301 screens at a pre-synergy multiple of approximately 5.5 times cash flow for an aggregate purchase price of $91 million in cash. The acquisition of the Great Escape circuit will enhance Regal’s presence in Georgia, Illinois, Indiana, Kentucky, Missouri, Nebraska, Ohio, Pennsylvania, South Carolina, Tennessee and West Virginia. The transaction involved multiple sellers and the aggregate purchase price includes repayment of the sellers’ debt and the assumption of working capital and is subject to customary post-closing adjustments. The sellers will also maintain an interest in the real property associated with seven of the acquired theatres.