Chinese conglomerate Dalian Wanda Group announced that it has received regulatory approvals for its planned acquisition of AMC Entertainment, the second largest theater chain in the U.S.
Wanda and AMC said Wednesday that they received notice from the Committee on Foreign Investment in the U.S. that the inter-agency committee has cleared the transaction.
The owner ofChina'slargest movie theater circuit announced in May that it had reached an agreement to buy AMC’s 5,034 screens in 346 theaters in the U.S. and Canada for $2.6 billion, creating the world's largest cinema operator.
The Kansas City, Mo., theater chain is owned by several investment firms, including JPMorgan Partners, Apollo Investment Fund and Bain Capital Investors.
The deal marks the largest investment to date by a Chinese company in the U.S. entertainment industry and gives Wanda a foothold in this country's movie theater business.