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Imax to Acquire Full Control of Its China Unit in $124M Deal

July 17, 2023 at 1:03:57 AM

Imax has unveiled a deal to acquire a 28.5 percent stake in its Shanghai-based subsidiary that oversees its theatrical business in China and which it does not already control.

Imax currently has around 770 branded commercial locations in China, the most of any market worldwide and a key component of its international expansion outside of North America. The proposed deal to take 100 percent control of Imax China will see the Toronto-based parent acquire 96.3 million shares currently trading on the Hong Kong Stock Exchange in a deal valued at $124 million in cash, or HK$10 per-share.

Once approved, the deal will hand Imax full control of its business in China that was first listed in Hong Kong in 2015 when the parent company retained a 69.8-percent stake in Imax China Holding. Taking full control of the subsidiary comes as China has seen a rebound in theatrical box office coming out of the pandemic.

- The Hollywood Reporter -

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