Investment Group Buys Loews Cineplex for $1.46 Billion

Onex Corp. has agreed to sell its Loews Cineplex Entertainment Corp. to an investment group for $1.46 billion. It had been looking for a buyer for the third-largest movie theater chain since march.

The deal comes just two years after Onex brought Loews out of bankruptcy and closed more than 100 theaters, according to news reports.

Loews has more than 200 theaters and 2,200 screens worldwide. In addition to its namesake theaters it owns and operates Star Theaters and Grupo Cinemex.

The investment group led by Bain Capital includes two other U.S. private equity firms, Carlyle Group and Spectrum Equity Investors.