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AMC Entertainment Selling Its Nine Baltic Theaters For $77 Million

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deadline.com

Jill Goldsmith Co-Business EditorAMC Entertainment said Monday it’s agreed to sell its nine theaters in the Baltic region (Latvia, Lithuania, and Estonia) to UP Invest for €65 million (about $77 million) as it continues to shore up its balance sheet.The move follows a capital raise and debt restructuring July to bolster liquidity and strengthen its balance sheet, said CEO Adam Aron.

He said the deal purchase price represents a 9.3x multiple of anticipated 2020 EBITDA (earnings before interest, taxes, depreciation and amortization) before the onset of COVID-19, which AMC called an attractive “transaction multiple that underscores the inherent value of our theatre portfolio and resilience of our business.”  “We continue to be encouraged by.

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