Cineplex-EK3 Deal Closes For $39.1M
August 31, 2013 by Dave Haynes
Toronto’s Cineplex has announced it has completed the acquisition of EK3 Technologies, first announced a few weeks ago.
The Londoin, Ontario-based company will be renamed and operate as Cineplex Digital Networks, and Nick Prigioniero will continue to lead the business as the company’s president.
The deal terms are as previously announced: “the purchase price includes an initial payment of approximately $39.1million, which was paid on closing, plus a reverse earn-out payment subject to an aggregate maximum purchase price of $78 million for both payments. The reverse earn-out payment will be based on 2015 operating results and will be payable in early 2016, in the event certain targets are achieved.”
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