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Galaxy cinema in Lethbridge. (Supplied by Cineplex)

Cineplex approves sale of nearly all shares to U.K.-based Cineworld

Feb 12, 2020 | 5:00 AM

TORONTO, ON – Cineworld has moved one step closer to acquiring Canada’s largest chain of movie theatres.

It was first reported in December 2019 that the British company was looking to buy Cineplex Inc. for around $2.15-billion CAD.

At a special meeting of shareholders in Toronto on Tuesday, shareholders have granted approval for the sale of approximately 99.59% of its shares, valued at around $34 per share.

Cineplex will apply for a final order from the Ontario Superior Court of Justice on February 18 to approve the transaction.

Cineworld started in 1995 now owns 790 theatres, 9,518 screens, and has more than 30,000 employees in the UK, Ireland, Poland, the Czech Republic, Slovakia, Hungary, Bulgaria, Romania, Israel, and the US.

Following the purchase of Regal Entertainment Group, the company claims to be the second-largest cinema business in the world by the number of screens.

Cineplex has over 150 cinemas across Canada under the banners of Famous Players, SilverCity, and Galaxy.

Cineworld offers an unlimited pass where customers can pay £18.40 per month ($31 CAD) or £220.80 ($380 CAD) per year and attend as many movies as they want.

CEO Moshe Greidinger said in December that the company will likely introduce a similar program in Canada once the takeover is complete.

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