NEW YORK, June 7 (UPI) -- A group led by Bain Capital is close to acquiring Loews Cineplex Entertainment for about $1.5 billion, the Wall Street Journal said Monday.
Final details still were being worked out, and the deal, which includes equity and the assumption of debt, could still fall apart, the Journal said.
However, the newspaper said Bain was reportedly getting close to finalizing agreements.
Under a pact between the prospective buyers, Bain is expected to share ownership with other private-equity shops Spectrum Equity Partners and Carlyle Group, the Journal said.
If completed, they will take control of a 2,835-screen movie-theater chain, one of the nation's largest.
Loews, of New York, operates 281 movie theaters in the United States, Canada and Mexico under the Loews, Cineplex Odeon, Cinemex and Star Theatres names. In addition, the company is a partner in Magic Johnson Theatres and jointly operates theaters in Spain and South Korea.
