IMAX sells one-fifth interest of Chinese subsidiary to PE firms for $80 mln

Canadian entertainment technology company IMAX Corp (TSX: IMX, NYSE: IMAX) has sold a 20 percent interest in its Asia-based subsidiary, IMAX China (Holding) Inc, to Chinese private equity firms CMC Capital Partners and FountainVest Partners. The acquisition price is US$80 million, to be paid in two equal installments, with the first expected to occur this week and the other by early 2015. IMAX said that the introduction of Chinese ownership to its subsidiary will allow it eventually to launch an initial public offering for IMAX China. IMAX China will remain a subsidiary of its parent organization, which has its headquarters in Mississauga, Ontario.

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