Thursday, August 21st19.9°C
22951
22828

Imax sells one-fifth interest in Chinese subsidiary to 2 private equity firms

NEW YORK, - Imax Corp. (TSX:IMX) is selling a 20 per cent interest in its Chinese subsidiary for US$80 million to two private equity firms as a preliminary step towards an eventual public offering of Imax China stock.

The North American theatre technology company, which makes systems for producing and showing 3D and big-screen movies, says the new investors in Imax China are CMC Capital Partners and FountainVest Partners.

Imax China will remain a subsidiary of Imax, which has its origins in Canada but is now headquartered in New York, Toronto and Los Angeles.

Imax chief executive Richard Gelfond said Tuesday that the strategic investments from CMC Capital and FountainVest will help to continue expansion in China and provide a step towards spinning off Imax China into a separate publicly traded company.

Imax's screen count in China has doubled since 2011 to 173 screens open, with an additional 237 in backlog as of Dec. 31, 2013.

"China is an enormously complex market in which we have accomplished quite a bit over the last 15 years," Gelfond said in a statement.

"At this juncture, it makes sense to bring in Chinese investors to help us better address local market dynamics and further optimize our business in China, including both our core theatre business as well as new business initiatives such as the home theatre joint venture we announced last year with TCL."

The two private equity firms will pay the first installment of the acquisition price on Tuesday and the remainder in early 2015.

The Canadian Press


Read more Business News

21196


Recent Trending




Today's Market
S&P TSX15556.09-5.86
S&P CDNX1002.205.50
DJIA17039.4960.36
Nasdaq4532.104+5.623
S&P 5001992.37+5.86
CDN Dollar0.9140-0.0001
Gold1276.00+2.30
Oil96.30+1.82
Lumber355.60-1.10
Natural Gas3.866-0.023

 
Okanagan Companies
Pacific Safety0.18-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.210.00
Cantex0.065-0.005
Anavex Life Sciences0.260.00
Metalex Ventures0.075-0.01
Russel Metals37.59+0.14
Copper Mountain Mining2.88-0.04
Colorado Resources0.1850.00
ReliaBrand Inc0.095+0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.215-0.015

 



21196

FEATURED Property
18003112371 Campbell Road, West Kelowna, BC
4 bedrooms 4 baths
$1,695,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Joint accounts: what you need to know!

Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...


Cost of an Injury Lawyer

Let’s face it; nobody wants to pay for legal services if they do not have to, but if you have been injured in an accident you may have thought about hiring a lawyer to help you navigate your cla...


Managing a business in 40 hours a week

My screen printing business, like many others, started as a one-man operation. It was located in a small building, not much better than a shack, with a telephone, a big table where I ate lunch and (oc...

_








Member of BC Press Council


22894