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Chinese group Dalian Wanda has confirmed plans to acquire US cinema chain AMC Entertainment Holdings in a deal worth US$2.6bn (2bn euro, £1.6bn).
When completed, the acquisition - Wanda's first in the US - will create one of the world's largest cinema operators.
AMC owns 346 multiplex theaters across North America and a total of 5,028 screens - including 120 IMAX screens and 2,170 3D screens, which makes it the world's largest operator of IMAX and 3D screens.
Dalian Wanda currently operates the largest chain of cinemas in Asia under its Wanda Cinema Line brand.
In a statement, a spokesperson for Dalian Wanda said: The transaction involves a total amount of US$2.6bn (2bn euro, £1.6bn), which is used to purchase AMC's full stake and inherit AMC's debts.
"Meanwhile, we will invest US$500m in AMC's operations after the merger. The Wanda Group pays US$3.1bn in total for the deal."
Founded in 1988, Wanda currently operates in five major industries - luxury hotels, tourism investment, cultural industries, commercial properties and retaill.
The company currently holds assets of US$35bn (27.4bn euro, £22.1bn), an annual income of US$16.7bn (13.1bn euro, £10.6bn) and has become a leading private enterprise in China.
US-based AMC Entertainment Inc is the world's second-largest theatre chain, with US$2.5bn revenue and 20,000 employees in 2011. Last year, the group's cinemas attracted more than 200 million visitors.
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