KINEPOLIS GROUP NV Regulatory release
30 September 2016, 5.45 p.m.
On 30 September 2016, Kinepolis Group sold the four Belgian Utopolis cinemas in Aarschot, Lommel, Mechelen, and Turnhout to the French group UGC.
On 9 November 2015, Kinepolis Group reached an agreement with the shareholders of Utopia SA for the takeover of the Utopolis group. The takeover of the cinemas in Belgium remained subject to the approval of the Belgian Competition Authority (BCA).
On 25 March 2016, the BCA approved the acquisition of the Belgian Utopolis cinemas on the condition that the complexes in Mechelen and Aarschot were resold with a view to their further exploitation. Following this decision, on 14 April 2016, Kinepolis Group took over the Belgian Utopolis cinemas. Since then, these cinemas have continued to operate in accordance with the conditions imposed by the BCA. Kinepolis then opted to sell all Belgian Utopolis activities taking into account the conditions imposed by the BCA and the interest shown by potential buyers. The sale of the four Belgian Utopolis complexes to UGC has an enterprise value of 36.2 million euros.
Eddy Duquenne, CEO of Kinepolis Group: 'It's no secret that we would have preferred to add the four Belgian cinemas to our network, but I am sure that Utopolis Aarschot, Lommel, Mechelen, and Turnhout will enjoy a promising future under the auspices of UGC. I wish them every success in that regard.'
Contact
Kinepolis Press Office
+32 (0)9 241 00 16
pressoffice@kinepolis.com
About Kinepolis
Kinepolis Group NV was formed in 1997 as a result of the merger of two family cinema groups and was listed on the stock exchange in 1998. Kinepolis offers an innovative cinema concept which serves as a pioneering model within the industry. Kinepolis Group NV has 47 cinemas spread across Belgium, the Netherlands, France, Spain, Luxembourg, Switzerland and Poland. In addition to its cinema business, the Group is also active in film distribution, event organization, screen publicity and property management. 2,300 employees are committed each day to providing millions of cinema visitors an unforgettable movie experience.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kinepolis Group via Globenewswire
