NEW YORK — Regal Cinemas Inc. has completed its previously announced acquisition of Cobb Theatres Inc., making the Knoxville, Tenn.-based company the third-largest circuit in North America with 2,082 screens.
Regal funded the Cobb acquisition with 2.8 million Regal shares (currently worth about $91.2 million) and assumed $110 million of the company’s debt. Regal said it will take a $4 million after-tax charge in the third quarter related to acquisition expenses and severance payments.
Headquartered in Birmingham, Ala., Cobb operates 637 screens in 66 theaters and currently has another 83 screens under construction at four locations.
Regal shares closed up 88¢ at $32.13.