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Regal Closes $191M Acquisition Of Hollywood Theaters

By | Monday April 1, 2013 @ 6:53am PDT

KNOXVILLE, Tenn.– 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 Hollywood Theaters.

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Regal Agrees To Pay $191M For Hollywood Theaters

Exhibition industry watchers wondered whether Regal still had an appetite for acquisitions in November, when it announced a $155M special dividend. But today’s deal, following Regal’s $250M bond offering in January, should put that question to rest. Hollywood Theaters, which has 43 venues with 513 screens, had been looking for help before June, when $157M of its bonds are due. The companies say that Regal’s $191M cash payment will cover that. The No. 1 exhibition chain also picks up $47M in lease obligations. Investors seem pleased by the deal, which increases Regal’s screen count by 7.5%: Its shares are up about 2% in early trading. Even with the outlay, “Regal is well-positioned to once again generate results above expectations in 2013 driven by its leading industry position on a robust film slate (with higher 3D penetration) along with a well-capitalized balance sheet to take advantage of additional M&A opportunities,” B. Riley Caris’ Eric Wold says. Here’s today’s release: Read More »

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