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Regal Entertainment Group announced today that it has entered into an agreement to acquire Consolidated Theatres for approximately $210 million in cash.
Regal is already the largest theater chain in the United States, and this acquisition will add 28 theatres with 400 screens to Regal's total and increase their presence in Georgia, Maryland, North Carolina, South Carolina, Tennessee, and Virginia.
The deal must go through the necessary approvals, but the Press Release (included below) says that they are hoping to close the deal in the first half of 2008.
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- Regal Adds Consolidated Theatres -- Hollywood Reporter
Regal Entertainment Group Announces Agreement to Acquire Consolidated Theatres
Knoxville, Tennessee - January 15, 2008 -- 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 entered into an agreement to acquire Consolidated Theatres for approximately $210 million in cash.
The proposed acquisition will add a total of 28 theatres with 400 screens to Regal's portfolio and enhance Regal's presence in Georgia, Maryland, North Carolina, South Carolina, Tennessee and Virginia. The consummation of the acquisition is subject to customary closing conditions.
"We expect the acquisition of Consolidated Theatres to be accretive to cash flows and earnings and are pleased to announce an agreement to purchase these high quality assets," stated Mike Campbell, Chairman & CEO of Regal Entertainment Group. "Accretive acquisitions are a key component of our overall business strategy and we look forward to a successful closing and integration of the Consolidated Theatre assets during the first half of 2008," Campbell continued.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included herein, other than statements of historical fact, may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the risk factors contained in the Company's 2006 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2007. All forward-looking statements are expressly qualified in their entirety by such factors.
About Regal Entertainment Group
Regal Entertainment Group (NYSE: RGC) is the largest motion picture exhibitor in the world. The Company's theatre circuit, comprising Regal Cinemas, United Artists Theatres and Edwards Theatres, operates 6,355 screens in 526 locations in 39 states and the District of Columbia. Regal operates theatres in all of the top 25 and 43 of the top 50 U.S. designated market areas. We believe that the size, reach and quality of the Company's theatre circuit not only provide its patrons with a convenient and enjoyable movie-going experience, but is also an exceptional platform to realize economies of scale in theatre operations.
Additional information is available on the Company's Web site at www.REGmovies.com.
Source: Regal Entertainment Group Press Release
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