Wanda owned AMC Theatres has acquired Stockholm-based Nordic Cinema Group Holding for SEK 8, 250 ($929m) cash.
Nordic is the largest exhibitor in the Nordics and Baltics, ranking number one in market share in Sweden, Finland, Estonia, Latvia and Lithuania.
AMC Theatres’ latest spending spree comes after last year’s $1.2 billion acquisition of London-based Odeon & UCI Cinemas, and the takeover of Carmike Cinemas for approximately $1.1 billion. It is now the largest movie theater chain in the US and Europe.
AMC president and CEO Adam Aron is reported to have said, “For the third time in the past 12 months, we believe we have discovered a substantial acquisition that gives AMC yet another opportunity to further expand and diversify our geographic reach and more firmly establish AMC as the undisputed leader in movie exhibition worldwide.”
AMC said anticipates cost synergy savings of $5 million annually once Nordic is integrated into the group. The string of acquisitions and position in the market can only benefit Wanda’s aspirations in the entertainment industry. Wanda recently revealed that they have allocated $5 billion to $10 billion a year for investment abroad in entertainment and sports, including the intention to acquire another US movie studio.
Nordic’s HQ will stay in Stockholm but the company will operate as a subsidiary of Odeon Cinemas Group.