Thursday, November 27th0.1°C
23286
24058

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

23511


Recent Trending




Today's Market
S&P TSX14922.44-115.97
S&P CDNX755.45-15.61
DJIA17827.7512.81
Nasdaq4787.317+29.065
S&P 5002072.83+5.80
CDN Dollar0.8813-0.0005
Gold1182.40-14.20
Oil68.89-4.80
Lumber327.90-1.60
Natural Gas4.295+0.144

 
Okanagan Companies
Pacific Safety0.15-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.340.00
Cantex0.04-0.005
Anavex Life Sciences0.171-0.004
Metalex Ventures0.04+0.005
Russel Metals30.70-0.80
Copper Mountain Mining2.12-0.04
Colorado Resources0.13+0.01
ReliaBrand Inc0.0134-0.0001
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.32-0.02

 
23744




FEATURED Property
2101504745 Harvey Ave
6 bedrooms 2 baths
$489,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Second marriage issues

It is not unusual that one or both of the parties planning to marry are approaching marriage for the second time. There are pluses and minuses to this new situation. On the plus side, individuals ente...


The last great Canadian tax shelter

A guide to how flow-through fund limited partnerships can mightily aid your tax planning!The end of the year will raise concerns among many professionals, self-employed persons, business owners and ev...


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...

_



24156

24220


Member of BC Press Council


22707