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Cineplex completes sale of Player One Amusement Group to OpenGate Capital
TORONTO – Cineplex Inc. says its sale of Player One Amusement Group has been completed.
The movie theatre chain announced the sale in November of its arcade game business to OpenGate Capital.
The private equity firm bought Player One for $155 million in cash.
As part of the deal, Player One will continue to supply and service games at Cineplex locations.
Cineplex says the net proceeds from the sale will go toward paying down debt.
Following the pandemic’s negative effects on the movie industry, Cineplex came into some good fortune last year thanks to the success of releases like “Barbie” and the Taylor Swift concert movie.
This report by The Canadian Press was first published Feb. 1, 2024.
Companies in this story: (TSX:CGX)
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