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Chinese company closes buy of AMC theater chain

Tuesday - 9/4/2012, 3:22pm  ET

NEW YORK (AP) - Chinese conglomerate Wanda says it has closed on the acquisition of AMC Entertainment Holdings, one of the largest movie theater chains in the U.S.

The $2.6 billion deal is the largest takeover yet of a U.S. company by a Chinese firm. It also makes Wanda the world's largest owner of cinemas.

Dalian Wanda Group Co.'s purchase reflects the global ambitions of cash-rich Chinese companies that are using acquisitions to speed their expansion.

The Beijing-based company said it will invest an additional $500 million in AMC and keep its headquarters in Kansas City, Mo.

AMC operates 338 cinemas. It's owned by a group of private-equity firms.

Wanda, founded in 1988 and privately owned, operates hotels, department stores, tourism and other businesses. It has 94 theaters in China.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)