September 2, 2019 / 5:46 AM / 14 days ago

Belgium's Kinepolis to buy MJR to enter U.S. market

(Reuters) - Kinepolis (KIPO.BR) agreed to acquire U.S.-based MJR Digital Cinemas for an enterprise value of $152.25 million to enter the U.S. market, it said on Monday.

The deal will allow the Belgian cinema chain to expand its investment in the North American market, 18 months after it bought Landmark Cinemas in Canada.

“The acquisition of MJR fits perfectly into our expansion strategy,” Chief Executive Eddy Duquenne said.

Privately held MJR, which delivered revenue of $81.2 million for 2018, will continue to be managed under the existing brand name and by current management.

The transaction for the Michigan-based company, which operates 10 movie theater complexes, includes a corporation tax value of over $13 million and is expected to close before the end of October.

Reporting by Pawel Goraj from Gdansk; Editing by Maria Sheahan

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