CORRECTED-Cineworld to buy Polish CCI's movie theatre business

Fri Jan 10, 2014 3:40am EST

(Corrects paragraph 5 to say CCI's film distribution business is also part of the deal)

Jan 10 (Reuters) - British cinema operator Cineworld Group said it will buy Poland's Cinema City International's movie theatre business in a cash and stock deal.

Cineworld said it will pay CCI 272 million pounds ($447.81 million) in cash and upon completion of the deal, CCI will hold 24.9 percent of its shares.

Cineworld, UK's only listed cinema chain, said it expects the deal to add to adjusted earnings per share in full year 2014 and be substantially accretive thereafter.

The enlarged company would be headed by CCI's Chief Executive Mooky Greidinger.

CCI's film distribution business is also part of the deal. Warsaw-listed CCI would stay listed in Poland and keep its property interests, Cineworld spokeswoman Elly Williamson told Reuters.

The deal will be funded through a fully underwritten rights issue to raise about 110 million pounds and new debt facilities. ($1 = 0.6074 British pounds) (Reporting by Esha Vaish in Bangalore; Editing by Supriya Kurane)