(Corrects paragraph 5 to say CCI's film distribution business
is also part of the deal)
Jan 10 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
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