21 Invest entered the cinema market in 2009, bringing together Medusa and Warner Village Cinema to create The Space Cinema, which became the N°1 player in the Italian cinema multiplex market. Today, The Space Cinema strengthens its leadership position in this market by acquiring Cinecity, the 3rd largest multiplex operator in Italy. The acquisition of Cinecity from Morgan Stanley, a transaction for an overall value of approximately EUR 100 Million, was financed by the company entirely through bank debt, with real estate assets being taken on by Fimit Sgr.
With Cinecity, The Space Cinema accedes to the management of 6 additional multiplexes and enables the latter to further expand its national presence in key locations, substantially increasing coverage in the North East of Italy. Following the acquisition of Cinecity, The Space Cinema boasts a total of 34 cinemas, 347 screens and a box office of approximately 21 million tickets representing an aggregate turnover of some EUR 200 Million. The Group’s overall market share now exceeds 20%.
This major acquisition undoubtedly represents an important achievement in the growth strategy of the cinema circuit, by integrating modern, high quality cinema multiplexes in strategic locations. Going forward, The Space Cinema will continue to pursue its core value creation strategy of further increasing market share and improving the cinema experience for audiences across Italy by screening not only 3D films but also music concerts, theatre performances and sporting events. This acquisition is an important step in the build-up project and consolidates the leadership of The Space Cinema in the Italian multiplex market.
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