Wanda Group acquires AMC Entertainment
25 May 2012
Chinese property, tourism, hotel and entertainment conglomerate Dalian Wanda Group has acquired US cinema group AMC Entertainment for $2.6bn.
The acquisition is the largest overseas purchase ever made by a Chinese private company. Dalian Wanda plans to invest up to an additional $500m in AMC Entertainment and has agreed to retain the group’s management team.
“This acquisition will help make Wanda a truly global cinema owner, with theatres and technology that enhance the movie-going experience for audiences in the world's two largest movie markets,” says Dalian Wanda chairman and president Wang Jianlin.
The Chinese company’s portfolio includes 86 theatres and 730 screens and will gain AMC Entertainment’s 346 multiplex cinemas and 5,034 screens.
The Wanda Group also owns 28 five-star hotels, 40 department stores and 45 all inclusive karaoke centres throughout China.
David Hing, London