Two Canadian pension plans have teamed up to take over Vue Entertainment, one of the biggest cinema chains in the world.
The deal, by the private equity arm of Ontario Municipal Employees Retirement System in partnership with Alberta Investment Management Corp., ascribes a $1.48-billion enterprise value to Vue, which has theatres in the United Kingdom, Ireland, Germany, Denmark, Portugal, Poland, Latvia, Lithuania and Taiwan.
The company is being bought from private equity and investment firm Doughty Hanson.
Vue was created a decade ago and has been growing rapidly in the past few years, doubling the number of cinemas that it owns from 70 to 146. It has used a steady stream of acquisitions to fuel its growth.