Leawood, KS-based AMC Entertainment, Inc. has agreed to acquire privately-held Starplex Cinemas for approximatelyl $172 million in cash. Dallas-based Starplex has 33 theaters and 346 screens, with facilities in Springfield, MO and Hays, Pittsburg and Salina in Kansas.
Once the deal closes, AMC will operate approximatelyu 380 theaters with 5,300 screens.
"This acquisition is expected to create immediate and long-term substantial value for guests and shareholders," said AMC CEO Gerry Lopez. "We will add 90 recliner re-seated screens to our portfolio and plan to add recliners to an additional 80 screens over the next five years, further transforming the movie-going experience for millions of guests."
The deal is expected to boost earnings-per-share and cash flow, excluding one-time transaction-related charges in 2016 and beyond, AMC said. It also lauded Starplex as an exhibitor with locations with limited geographic overlap and "complementary guest demographics."
Starplex CEO Steve Holmes said, "Starplex and AMC have a shared vision to provide a quality guest experience, and even more of our guests will now benefit from recliner re-seats and other great amenities."