The joint vetnure of the ITI Group and AREA Property Partners, Vue Entertainment had announced today that it is acquiring Multikino SA, the leading multiplex operator in Poland.
From its humble beginnings of opening its first multiplex cinema in Poznam, Poland back in 1998, Multikino has grown to become the second biggest operator in Poland. The company operates a group of 28 cinemas with 231 screens in 22 cities across Poland. It also has two cinemas with 15 screens operating in the Baltics.
The transaction would be completed upon the issuance of an approval from Poland's Office for Competition and Consumer Protection.
Vue Entertainment, for its part, is also an operator of the most modern multiplex cinemas in the world, with 116 cinemas and 1,075 screens in European cities in the UK, Ireland, Germany, Portugal and Denmark as well as Asian country Taiwan.
Tim Richards, CEO of Vue Entertainment said, "The acquisition of Multikino is anther exciting and strategic addition to the Vue Entertainment Group and part of our continued growth into continental Europe through the identification and acquisition of the highest quality assets in each market. Multikino is the most highly respected and loved cinema brand in Poland. With its state of the art multiplex cinemas with 100% stadium seating and strong management team, Multikino perfectly complements our existing business in Europe. We look forward to welcoming Multikino to the Vue family later this year and we hope to continue to build on the solid foundations that ITI has laid."
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