Onex Takes Majority Stake in Cinemex

TORONTO – Onex, Canadian parent company of recently restructured Loews Cineplex, announced on June 19 the acquisition of a majority stake in Mexican exhibitor Grupo Cinemex.
According to Variety, Onex paid $123.5 million for a 58 percent stake in the Mexican circuit while Oaktree Capital will provide an additional $89 million for the remaining 42 percent.
Toronto-based Onex bought Loeks-Star in April 2002 following its March 2002 acquisition of Loews. With its acquisition of the Mexico City-based circuit, Onex controls 2,877 screens at 296 sites in the United States, Canada, Mexico, Spain and Korea.
In Focus -September 2002