Regal buys Hollywood Theaters for $191M

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The biggest movie theater operator in the U.S. just got
bigger. Knoxville-based Regal Entertainment Group said today it has acquired
Hollywood Theaters for $191 million in cash and $47 million in assumed leased
obligations.

The cash payment includes paying off approximately $157
million in Hollywood Theater’s debt.

The deal adds 43 theaters with 513 screens to Regal’s
existing portfolio.

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“We expect the acquisition of Hollywood Theaters to be accretive
to cash flows and earnings and are pleased to announce an agreement to purchase
these high quality assets,”  Regal
CEO  Amy Miles said in a news release.  “Accretive acquisitions are a key component
of our overall business strategy and we look forward to a successful closing
and integration of the Hollywood Theater assets during the second quarter,”
Miles continued.

Hollywood Theaters has theaters in 16 states and
three U.S. territories.

The purchase is Regal’s second acquisition in the last few
months. In November It paid $91 million for Great Escape Theaters, a 25-theater chain located primarily in
the Midwest.

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