Britain's Cineworld buys Picturehouse cinemas for 47 mn

British multiplex cinema firm Cineworld said Thursday that it has agreed to buy the privately-owned art house chain Picturehouse.

“Cineworld Group plc today announced that it has acquired City Screen Group, which trades as Picturehouse, for 47.3 million ($76.0 million, 58.6 million euros) in cash,” it said in a statement.

“Picturehouse is the UK's leading independent cinema operator with 21 sites. As part of the transaction, Cineworld has also acquired Picturehouse Entertainment, the distribution arm of Picturehouse.” London-listed Cineworld -- which currently operates 80 sites including 77 multiplex cinemas -- added that it would seek to open more than ten new Picturehouse cinemas as a result of the deal. The group will issue new shares to finance the transaction.

“We are delighted to welcome Picturehouse to the Cineworld Group,” said chief executive Stephen Wiener.

“This acquisition gives us an opportunity to accelerate our growth by reaching new audiences in a high value and growing part of the market. We recognise that Picturehouse is valued by its customers and we look forward to supporting the business through the next phase of its development.”