A&NN Investments Ltd (Alexander Mamut company) has closed a deal to buy Russia’s largest cinema network “Cinema Park” from son of senator Suleiman Kerimov. Representative of A&NN Investments has confirmed that the transaction was completed. The amount was not disclosed, but according to experts, it could reach $400-500 million. In Kerimov’s investment company “Altitude Management”, which manages the network noone commented on the situation.
Mr. Mamut is already negotiating the purchase of antoher cinema network “Formula Kino” with “A1 investment company” and its private owner Vladimir Zakharov. According to multiple sources, the negotiations are at an advanced stage. One of the sources said – deal could be closed in April.
“Cinema Park” consists of 39 movie theaters, the network takes 7.5% market share by number of cinemas. “Formula Kino” cinemas have 35 movie theaters, and 5,9% of the market.