Carmike Cinemas Inc. (Nasdaq: CKEC) has closed a deal for nine entertainment complexes.
The complexes consist of 147 movie screens in Florida, California and Illinois.
Carmike, an entertainment company that operates movie theaters, says the deal brings it closer to its goal of owning 300 entertainment complexes and operating 3,000 screens.
“In the current industry environment, which is favorable for further consolidation, we believe we have ample additional financial capacity to further optimize our theatre portfolio through attractive acquisition opportunities,” says Carmike CEO David Passman.
Muvico Entertainment LLC previously owned the theaters.
Macquarie Capital was Carmike’s financial adviser on the deal, while King & Spalind LLP provided legal advice. Dresner Partners acted as Muvico’s financial adviser, and Seyfarth Shaw LLP was legal counsel.
In another theater deal, Veronis Suhler Stevenson’s acquired Movie Tavern in September.