Carmike Cinemas Inc. (Nasdaq: CKEC) is buying Digital Cinema Destinations Corp. (Nasdaq: DCIN) in an all-stock transaction.
The target, headquartered in Westfield, New Jersey, operates 21 locations with 206 movie screens. The company has agreements to acquire another five theaters with 53 screens.
Digital Cinema, known as Digiplex, is known for transforming movie theaters into interactive centers that include motion-action seats.
Each Digiplex share will be exchanged for 0.1775 shares of Carmike common stock.
Carmike, headquartered in Columbus, Georgia, says the deal will give it 280 theaters with 2,936 screens in 41 states. In November, the company picked up nine entertainment complexesthat included 147 movie screens. For more on movie theater deals, see "The Buyside: As Cinemas Combine, Creativity Abounds."
Macquarie Capital acted as Carmike's financial adviser, while King & Spalding LLP acted as legal counsel on the deal. Maxim Group LLC was Digiplex's financial adviser, and Eaton & Van Winkle LLP acted as legal adviser.
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