COLUMBUS, Ga. — Carmike Cinemas Inc. has completed its acquisition of Westwynn Theaters Inc.
In a press release, the company said it acquired the remaining equity interest in Westwynn in exchange for 330,000 of its Class A common shares, $ 180 ,000 cash and $ 4 million principal amount of zero coupon subordinated notes, which are convertible into 100,000 shares of Carmike class A common stock.
In addition, the company said it redeemed at par $ 11.6 million of Westwynn subordinated notes.
Westwynn was formed in September 1991 by Carmike, Citicorp Venture Capital and William Blair Venture Partners to acquire the assets of Excellence Theaters Corp. Carmike has been managing the theaters since the formation of Westwynn. Westwynn owns 353 screens in 95 theaters in 12 states.