Investing.com -- Here is a summary of the most important regulatory news releases from the London Stock Exchange on Monday, 16th December. Please refresh for updates.
- Cinema operator Cineworld (LON:CINE) proposed to buy Cineplex, Canada’s largest operator of movie theaters, for 2.8 billion Canadian dollars in cash (US$2.21 billion). Global City Theatres BV, Cineplex’s largest shareholder, has already agreed to the deal.
- The deal will be financed by debt. Cineworld said it expects $130 million of annual synergies, and a boost of over 10% to earnings per share in the first year following completion. It will aim for a net debt/EBITA ratio of 3x by the end of its fiscal 2021 year.
- Cineplex runs 165 cinemas and 1,695 screens and has a 75% market shares in Canada. The portfolio would significantly strengthen Cineworld’s position, given its ownership of the Regal chain of theaters in the U.S., which it is currently revamping.
- “The combination of Cineplex and Regal will create the leading North American cinema operator with unrivalled scale and opportunity,” said CEO Mooky Greidinger
- NMC Health (LON:NMC) said it intends to buy back up to $90 million of its convertible bonds due 2025, noting that their current price of 89.5c represents an attractive opportunity to manage its liabilities.