Chinese conglomerate The Dalian Wanda Group will complete its acquisition of AMC by the end of August, the companies announced on Wednesday.
Wanda and AMC announced in May that they had agreed to a deal whereby the Dalian Wanda Group would pay $2.6 million for the United States’ second-largest theater chain. AMC has been owned since 2004 by an investment group that includes the Apollo Investment Fund, J. P. Morgan Partners, Bain Capital Investors, the Carlyle Group and others.
Also read: Chinese Film Power: Wanda Group Buys AMC Theater Chain
The deal is still subject to regulatory approval, and the two parties said on Wednesday that they had cleared all of the hurdles. The Treasury Department's Committee on Foreign Investment in the U.S. has reportedly approved the deal, as has China’s National Development and Reform Commission, its Ministry of Commerce and the State Administration of Foreign Exchange.
The Dalian Wanda Group owns and operates an array of commercial properties, from luxury hotels to department stores to movie theaters.
It has pledged to invest up to $500 million in AMC once the deal is completed.