AMC Entertainment Holdings, Inc. has signed a definitive agreement to sell its nine theaters in the Baltic region—Latvia, Lithuania, and Estonia—to UP Invest, owner of the Baltic Apollo Group cinema group.
Said AMC CEO Adam Aron in a statement, the sale of AMC’s Baltic cinemas “marks yet another bold and decisive action taken, on the heels of our capital raising in April and debt restructuring and capital raising in July, to bolster our liquidity and strengthen our balance sheet at a transaction multiple that underscores the inherent value of our theatre portfolio and resilience of our business,” going on to cite a resurgence of moviegoing at theaters both in Europe and the U.S.
Adds Aron: “Growing consumer confidence in our cleaning and safety protocols continues to generate increased attendance and food and beverage spend, and we look forward to offering a full slate of new and entertaining film product to further drive attendance over the remainder of 2020.”
AMC came to own the nine Baltic theaters, which operate under the brand Forum Cinemas, as part of its 2017 acquisition of the Nordic Cinema Group. With this sale—for an amount of €65 million, or approximately $77 million—the chain will operate in 12 countries across North America, Europe, and the Middle East.