(WXYZ) — Belgian movie theatre operator Kinepolis has entered into a $105 million agreement to take over some of Emagine Entertainment, according to a press release.
In the announcement on Tuesday, Kinepolis said it will add 14 cinemas to its portfolio in Michigan, Illinois, Indiana and Wisconsin, totaling 177 screens and 18,000 seats.
The press release said that the deal could go to $120 million depending on the U.S. box office for the rest of the year.
In Michigan, there are nine theatres that will be included in the deal, including Hartland, Macomb Township, Canton, Novi, Saline, Saginaw, Birch Run, Rochester Hills and Royal Oak.
In 2019, Kinepolis acquired Michigan-based MJR Theatres. The theatres will still operate under the Emagine name.
The deal is for 100% of Emagine's business, the release said. Some locations, like the Emagine cinemas in Woodhaven and Farmington Hills, as well as Minnesota and Colorado, are managed by third parties through a brand licensing agreement.
“Today’s announcement marks a key milestone in our company’s expansion - the first acquisition of this scale since the pandemic. We do this with a high-quality asset in a market where we have had positive experiences with our Kinepolis concepts. The location and size of the cinemas make them a valuable addition to the Group's portfolio, enabling us to further expand our presence in the US market. We are excited to welcome the new teams to the Kinepolis family," Kinepolis Group CEO Eddy Duquenne said in a statement.
“Kinepolis has a reputation for operating exceptionally well-run cinemas both in Europe and in North America. Their commitment to providing guests with an unforgettable movie experience makes them the ideal suitor to continue the stewardship of Emagine into the future," Emagine Chairman and CEO Paul Glantz added in a statement
Kinepolis operates 63 cinemas in Europe across Belgium, the Netherlands, France, Spain, Luxembourg, Switzerland and Poland. The company also acquired Canadian movie theatre group Landmark Cinemas.
