Regal Entertainment Group Completes the Acquisition of Hollywood Theaters
KNOXVILLE, Tenn.--(BUSINESS WIRE)-- Regal Entertainment Group (NYS: RGC) , a leading motion picture exhibitor owning and operating the largest theatre circuit in the United States, today announced that it has completed the acquisition of Hollywood Theaters.
Regal acquired a total of 43 theatres representing 513 screens in exchange for $191 million in cash and approximately $47 million of assumed lease obligations. The cash portion of the purchase price includes repayment of approximately $167 million of the sellers' debt and is subject to customary post-closing adjustments. The acquisition of Hollywood Theaters will enhance Regal's presence in 16 states and 3 U.S. territories.
"We expect the acquisition of Hollywood Theaters to be accretive to cash flows and earnings and are pleased to announce another acquisition of high quality assets," stated Amy Miles, CEO of Regal Entertainment Group.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included herein, other than statements of historical fact, may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the risk factors contained in the Company's 2012 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2013. All forward-looking statements are expressly qualified in their entirety by such factors.
About Regal Entertainment Group:
Regal Entertainment Group (NYS: RGC) is the largest motion picture exhibitor in the United States. The Company's theatre circuit, comprising Regal Cinemas, United Artists Theatres and Edwards Theatres, operates 6,858 screens in 537 locations in 38 states and the District of Columbia as of March 28, 2013. Regal operates theatres in 43 of the top 50 U.S. designated market areas. We believe that the size, reach and quality of the Company's theatre circuit not only provide its patrons with a convenient and enjoyable movie-going experience, but is also an exceptional platform to realize economies of scale in theatre operations.
Additional information is available on the Company's Web site at www.REGmovies.com.
Regal Entertainment Group
Vice President Investor Relations and Planning
Regal Entertainment Group
Senior Vice President and Chief Marketing Officer
KEYWORDS: United States North America Tennessee
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