China's Dalian Wanda to acquire US theatre chain AMC for $2.6 bn

Dalian Wanda Group, the $17 billion Chinese congolmorate, yesterday said that it would buy AMC Entertainment in a deal valued at $2.6 billion, in order to create the world's biggest cinema chain.

Based in Kansas City, Missouri, privately held AMC is owned by private equity firms Apollo Global Management, Bain Capital, the Carlyle Group, CCMP Capital Advisors and Spectrum Equity Investors.

It operates 346 multiplex theatres mostly located in major metropolitan markets in North America, and a total of 5,034 screens, including 2,336 3-D screens and 128 IMAX screens, making it the world's largest operator of IMAX screens.

Beijing-based Wanda Group, controlled by billionaire real-estate developer Wang Jianlin, is the largest operator of theatres in China.

Its portfolio includes 86 theatres and 730 screens as well as large-scale stage show, film production and distribution, entertainment chains and Chinese calligraphy and painting collections.

The group operates five major businesses, including commercial properties, luxury hotels, tourism investment, cultural industries and department stores. It operates 49 Wanda Plazas, 28 five-star hotels, 40 department stores and 45 karaoke centres throughout the country.