By Roy Denish
The Wanda Group purchased the world’s second largest cinema chain and pledged to invest $500 million into operations. The final price of the deal is estimated at $ 3.1 billion.
The Chinese company signed a merger of acquisition today with AMC Entertainment Holdings for staggering $2.6 billion, which is regarded as one of the biggest corporate takeovers in the history of the US. AMC operates 336 cinemas in US and Canada and has an estimated 23 highest-profitable outlets.
“We support AMC becoming bigger,” the Chinese company said in a statement. The purchase is the mirror-image of Chinese investments in Corporate America. The announcement of the deal comes just 72 hours after the Chinese government gave the green light to the blind Chinese legal activist to leave the country.
The activist was under house arrest for his opposing views on Chinese Human Right violations.