The cinema operator Cineworld is said to have reached a deal worth £900m to take over Cinema City International.
The UK's largest cinema operator will be buying over a 100 multiplexes in eastern Europe and Israel in a cash and shares deal worth about £500m. The deal will also see Cineworld take its first step overseas allowing the company to follow its rivals Odeon, UCI and Vue, which have already managed to grow their shares in the international market.
The purchase comes just after Cineworld’s founder and chief executive Steve Wiener’s imminent departure in March, after 18 years running the business.
Cineworld chairman Anthony Bloom called the deal "an exciting and unique opportunity" for his company and said in a statement that the deal offered Cineworld exposure to "some of the most promising cinema markets in Europe".
As well as operating the Cineworld brand, the company also owns 21 Picturehouse outlets.
