Vue International Acquires German Multiplex Circuit CineStar
Vue International has acquired CineStar, a leading multiplex circuit in Germany, for an upfront payment of €130 million ($149.8 million), as it aims to expand further its international footprint.
The deal includes a variable of up to €91.8 million ($105.7 million), and sets CineStar’s potential enterprise value at €221.8 million ($255.58 million).
Currently owned by Australian company Event Hospitality & Entertainment Limited (EVT), CineStar boasts 57 premium multiplex sites (55 of which are in operation and two which are new sites opening in late 2018 and mid-2019), with 449 screens. The chain has a strong presence in Germany’s rural areas, as well as in Berlin where it has seven cinemas, including the CUBIX at Alexanderplatz.
Tim Richards, Vue International’s founder and CEO, said in a statement that it marks Vue’s “third international acquisition this year and further reinforces (Vue’s) commitment to international expansion.”
“Germany is an extremely important cinema market and is consistently in the top ten box office markets in the world. The acquisition of CineStar supports our strategic and business objectives of developing and owning the highest quality cinema assets globally,” Richards added.
Earlier this year, Vue acquired Cinema3D in Poland and Showtime Cinemas in Ireland. Vue International also owns and operates Vue Entertainment in the U.K. and Ireland, CinemaxX in Germany and Denmark, Space in Italy, Multikino in Poland, Latvia and Lithuania, Vue Nederland in the Netherlands and SBC in Taiwan.
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