Cinemark Holdings Inc., the nation’s third-largest theater chain, said it has completed the acquisition of Rave Cinemas, the Dallas-based chain that operates four area theaters in Beavercreek, Huber Heights, West Carrollton and West Chester.
Cinemark acquired assets from Rave, primarily consisting of 32 theaters representing 483 screens in 12 states for approximately $240 million in cash and the assumption of certain liabilities, officials said.
Based on the Department of Justice final judgment, Cinemark is required to divest three theaters. The location of those theaters was not immediately available.
With the addition of the Rave theatres, Cinemark’s domestic footprint expands into 40 states with an additional seven designated market areas, including the New England market, officials said.
Headquartered in Plano, Texas, Cinemark operates 467 theaters and 5,259 screens in 40 states. The company’s theaters include the Cinemark Miami Valley 1020 Garbry Road in Piqua.
“The Rave theatres are well-positioned in their markets and include multiple patron amenities, including expanded food service offerings and premium large format screens,” stated Tim Warner, Cinemark’s chief executive.
Rave had purchased the three Dayton-area theaters in December 2009 as part of a deal to acquire 35 theaters from Boston-based National Amusements.
Cinemark shares (NYSE: CNK) closed Thursday at $29.93, down 12 cents.
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