Cineworld, a U.K.-based theatre company, has just finalized a deal to buy out Cineplex Cinemas.
In a deal worth $2.8 billion, Cineworld will buy out Cineplex, the Toronto-based theatre chain that has dominated the Canadian market for a movie going experience.
The acquisition of Cineplex comes almost two years after Cineworld acquired the U.S.-based theatre chain, Regal Cinemas.
Cineworld offered to buy out Cineplex at $34 per share and saw a rise of about 1.4% in their own stocks by the end of the business day yesterday.
The company will add 165 cinemas which adds 1,695 screens across their current 786 sites and 9,498 screens.
While rebranding the Canadian theatres, Cineworld will continue to refurbish the Regal theatres in the U.S.