AMC Entertainment Holdings Inc. (NYSE: AMC), operating as AMC Theatres, is buying Nordic Cinema Group for its portfolio of 68 movie theaters. AMC Theatres’ $929 million cash purchase of Nordic includes the target’s nearly 50 percent ownership in another 201 associated movie screens. The buyer anticipates realizing $5 million in annual cost synergies as part of the deal.
Nordic, based in Stockholm, Sweden, manages 463 screens and 68,000 seats among its theatres in the Nordic and Baltic nations. Previously owned by European private equity firm Bridgepoint and Swedish media business Bonnier Holding, Nordic generated revenues of approximately $349 million in 2015. The target will retain its headquarters location in Stockholm and operate as a subsidiary of London-based Odeon Cinemas Group, a company with which AMC acquired in November 2016, as part of the deal. Nordic operates locally in seven markets using several brands, including: SF Bio in Sweden, SF Kino in Norway, Finnkino in Finland, and Forum Cinemas in Estonia, Latvia, and Lithuania.