Belgian firm Kinepolis Group is acquiring Canadian movie theatre chain Landmark Cinemas in a $123-million deal.
The deal includes Landmark’s 44 cinemas with a total of 303 screens across Western Canada, Ontario and the Yukon. The transaction is expected to close by the end of the year.
Landmark management and staff will remain in place.
Kinepolis Group is located in Ghent, Belguim and has acquired 48 cinemas across Europe since 1997. The company holds a total of 500 screens in their home country, Netherlands, France, Spain, Luxenbourg, Switzerland and Poland. This is the firm’s first North American acquisition.
Kinepolis also deals in film distribution, movie marketing and advertising.
"Combining with Kinepolis will provide Canadian movie lovers with greater access to world class cinema experiences,” said Neil Campbell, chief executive officer of Landmark Cinemas Canada.
Kinepolis believes “the combination of the Kinepolis three-pillar strategy of being the best cinema operator, the best marketer and best real estate manager,” will enhance the Landmark customer service experience.
Landmark Cinemas has ten cinemas in Alberta, 15 across in B.C. and five in Manitoba.
Tanya is a recent graduate of Langara College's journalism program and spent a summer freelancing for The Burnaby NOW and The Record, following a reporting internship with the publications. She joins Western Investor as an editorial assistant. Very much a millennial, she sees the irony in writing about real estate she will likely never be able to afford.
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