Gail Chiasson, North American Editor
Cineplex Inc., Toronto, announced last Friday (Aug. 30/13) that it has completed the acquisition of EK3 Technologies Inc., the planned buy originally announced in July.
The company, renamed and operating as Cineplex Digital Networks, will continue to be led by Nick Prigioniero as the company’s president.
“We are pleased to welcome Cineplex Digital Networks to the Cineplex family,” says Ellis Jacob, president and CEO, Cineplex Entertainment. “The combination of our new company’s proprietary technology, network management capability and award winning creative services and digital merchandising expertise are a great complement to our existing digital signage business.”
- Cineplex Digital Networks (formerly EK3) designs, installs, manages and consults on some of the largest digital merchandising networks in North America, with networks viewed by more than 1.8 billion shoppers annually. The company’s clients include Tim Hortons, McDonalds, Walmart, Target, as well as Canadian financial institutions, RBC Financial Group and BMO Financial Group.
- Cineplex Digital Media, Cineplex’s existing digital signage business, serves clients including Scotiabank, CIBC, SunTrust, Rogers, Oxford Properties, Brookfield office towers and ONroute, among others.
The purchase price includes an initial payment of approximately $39.1 million, 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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