AMC to buy Odeon&UCI for $1.2b

US theater chain AMC Entertainment Holdings Inc, the subsidiary of Chinese conglomerate Dalian Wanda Group Co Ltd, announced on Tuesday it will acquire London-based Odeon & UCI Cinemas Group, Europe's largest cinema operator.

The US group said the deal will create the world's largest movie theater chain - and Wanda will further improve its network of movie theater chains in China, North America and Europe. This is the first investment by Wanda in European theater chains.

AMC said it has entered a definitive agreement to buy Odeon & UCI from private equity firm Terra Firma for 921 million pounds ($1.22 billion). In addition AMC will take on the net debt of Odeon & UCI worth 407 million pounds, according to the statement.