Cinemark Holdings Inc. completed the acquisition of Rave Cinemas for approximately $240 million in cash and the assumption of certain liabilities. Rave Cinemas operates 32 theaters in 12 states, with a total of 483 screens.
“The Rave theaters are well positioned in their markets and include multiple patron amenities, including expanded food service offerings and premium large format screens,” said Cinemark CEO Tim Warner in a statement. “With this addition, we will extend our presence into new markets and increase our industry leading XD premium large format brand to 129 screens worldwide.”
Based on a Department of Justice ruling, Cinemark will have to divest of three Rave theaters.
Stewart National Title Services provided title insurance and closing services for Cinemark Holdings in the transaction.