Chinese conglomerate Wanda acquires AMC movie theater chain

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The Chinese conglomerate Wanda runs hotels, department stores and 94 movie theatres in China.

Beijing-based conglomerate Wanda says it’s completed the acquisition of AMC Entertainment Holdings, a deal estimated to be worth 2.6 billion dollars. It's the largest takeover yet of a U.S. company by a Chinese firm.

The Chinese conglomerate Wanda runs hotels, department stores and 94 movie theatres in China.

AMC operates 338 cinemas in the U.S. and three other countries, with 43 locations in California. The deal makes Wanda the world’s largest owner of movie theatres.

The Beijing-based company said it plans to invest $500 million in AMC and keep its corporate headquarters in Kansas City, Missouri.

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