KANSAS CITY, Mo.–(BUSINESS WIRE)–AMC Entertainment Inc. (“AMC”), and Kerasotes Showplace Theatres, LLC (“Kerasotes”), two leading theatrical exhibition and entertainment companies in the U.S., announced today that they have entered into a definitive agreement pursuant to which AMC will acquire substantially all of the assets of Kerasotes. Kerasotes owns 96 theatres and 973 screens in mid-sized, suburban and metropolitan markets, primarily in the Midwest. More than three quarters of the Kerasotes theatres feature stadium seating and almost 90 percent have been newly built since 1994. Following the consummation of the proposed transaction, Tony and Dean Kerasotes will retain and operate their two new ICON concept theatres in Minneapolis, MN and Chicago, IL; and one Showplace theatre in Secaucus, NJ. Kerasotes is currently owned by the Kerasotes family and Providence Equity Partners.
“Combining Kerasotes’ highly regarded assets and operations with our own is a natural way for us to continue re-defining the future of our industry,” said Gerry Lopez, AMC CEO and president.
Tony Kerasotes, Chief Executive Officer, said. “We expect these theatres will be a strong addition to the AMC theatre circuit, and look forward to successfully completing the transaction with AMC and to beginning our next chapter.”
Completion of the acquisition is subject to the satisfaction of customary closing conditions for transactions of this type, including Department of Justice antitrust approval.