(Photo by Jay Wallace Images)

Cineplex Entertainment, Canada’s largest movie theatre company, is being purchased by a UK-based corporation.

According to press release on Monday morning, Cineplex Inc. has entered into a definitive agreement with Cineworld Group to create “one of the world’s largest cinema companies” through acquisition.

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Cineworld is set to pay $34 in cash for each share of Cineplex, amounting to an  approximately $2.8 billion transaction, including the assumption of net debt.

“We believe this transaction today is both financially compelling and in our shareholders best interest,” said Ellis Jacob, President and CEO of Cineplex, in a statement.

“Cineworld Group shares our passion for entertainment and mirrors our commitment to delivering exceptional guest experiences through state-of-the-art technology. The entertainment industry continues to transform and we are pleased that through this agreement we are ensuring Cineplex is part of the next era of global entertainment.”

Cineplex currently operates 165 movie theatres across Canada and, according to the company, this acquisition will help them stay competitive on a global field.

The company plans to continue to allocate resources in support of film festivals, programs, and industry events across the country.

Reports also indicate the possibility of a flat-fee monthly subscription with unlimited movie tickets.

The deal is expected to close in the first half of 2020.

Founded in 1995, Cineworld Group has become the second largest movie chain in the world with 9,498 screens across 786 sites in the US, UK, Ireland, Poland, the Czech Republic, Slovakia, Hungary, Bulgaria, Romania and Israel as of December 2019.