Utopia Group of cinemas this morning announced that the Utopia Management and CLdN shareholders of the Group have reached a conditional agreement with the Kinepolis Group concerning the sale of 100% of their participation in the Utopia Group.
The final transaction will take place after the process of 'due diligence' will be held to the potential buyer's satisfaction and after the parties have met the the other requirements.
Throughout this period, the daily activities of the Utopia group will continue as usual and will not be affected.
The cinema group has developed extensively in Benelux, operating three cinemas in the Grand Duchy, with two in Luxembourg City and one in Esch/Alzette; five in the Netherlands; four in Belgium and one in the east of France at Longwy. 2014 represented 3.4 million visitors and a turnover of €41 million for the Group.
"I am honoured that what was built these last twenty years in the three Benelux countries and in the French border region has been spotted as the target of a potential takeover by such a dynamic group as Kinepolis, which was already a shareholder of SA Utopia from 1994 to 2000," commented Nico Simon, CEO of Utopia SA.
Kinepolis operates 35 cinemas across Belgium, France, the Netherlands, Spain, Switzerland and Poland, giving it prime geographical access to the Luxembourg market. In addition to its film business,Kinepolis is also active in film distribution, event organisation, screen advertising and real estate management. The Group receives nearly 21 million visitors every year.
Photo by Utopia Group
