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.
Regal acquired a total of 43 theatres representing 513 screens in exchange for $191 million in cash and approximately $47 million of assumed lease obligations. The cash portion of the purchase price includes repayment of approximately $167 million of the sellers' debt and is subject to customary post-closing adjustments. The acquisition of Hollywood Theaters will enhance Regal's presence in 16 states and 3 U.S. territories.
"We expect the acquisition of Hollywood Theaters to be accretive to cash flows and earnings and are pleased to announce another acquisition of high quality assets," stated Amy Miles, CEO of Regal Entertainment Group.