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Slide #74. Regal Entertainment Group — Great Escape Theatres
Regal Entertainment Group (RGC)
Great Escape Theatres
Regal Entertainment Group (NYSE: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 Great Escape Theatres and declared a special cash dividend of $1.00 per share of Class A and Class B common stock. Regal acquired a total of 25 theatres representing 301 screens at a pre-synergy multiple of approximately 5.5 times cash flow for an aggregate purchase price of $91 million in cash. The acquisition of the Great Escape circuit will enhance Regal's presence in Georgia, Illinois, Indiana, Kentucky, Missouri, Nebraska, Ohio, Pennsylvania, South Carolina, Tennessee and West Virginia. The transaction involved multiple sellers and the aggregate purchase price includes repayment of the sellers' debt and the assumption of working capital and is subject to customary post-closing adjustments. The sellers will also maintain an interest in the real property associated with seven of the acquired theatres.
Regal Entertainment is a holding company. Through its subsidiaries, Co. operates theatre circuits consisting of 7,267 screens in 561 theatres in 42 states along with Guam, Saipan, American Samoa and the District of Columbia as of Dec 31 2016. Co. operates its theatre circuit using its Regal Cinemas, United Artists, Edwards, Great Escape Theatres and Hollywood Theaters brands. Co. develops, acquires and operates multi-screen theatres primarily in mid-sized metropolitan markets and suburban growth areas of larger metropolitan markets throughout the U.S. Some of Co.'s theatres provide amenities such as wall-to-wall and floor-to-ceiling screens and Sony Digital Cinema 4K projection systems.
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Hold (2.17 out of 4)
(ranked lower than approx. 65% of all stocks covered)
Based on Zacks ABR data;
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