Finnkino acquires Finnish Sandrew Metronome movie theatres
Finnkino has purchased the entire share capital of Sandrew Metronome Finland Oy. The agreement includes the handover of three Sandrew Metronome multiscreen movie theatres - two in Helsinki and one in Turku. The cinemas are operating in rented premises. Sandrew Metronome Finland posted net sales in 2005 of around EUR 9 million, and the company employs 53 persons. Operations will pass to Finnkino with immediate effect.
Sandrew Metronome currently operates the Kinopalatsi and Maxim cinemas in Helsinki. Kinopalatsi, dating from 1998, has ten screens, and the two-screen Maxim on Kluuvikatu is Finland's longest-established movie theatre, having been first opened in 1909. The Kinopalatsi in Turku opened its doors in 2001 and has nine screens.
The seller in the transaction is the Swedish parent of Sandrew Metronome Finland, Sandrew Metronome Ab, which is in turn part of the Norwegian Schibsted Group. Sandrew Metronome has also divested its movie theatre business elsewhere in the Nordic region in order to focus on distribution and production of feature films.
Finnkino Oy is Finland's leading movie theatre operator, with attendances at its Finnish cinemas in excess of 3 million viewers in 2005. In addition, Finnkino has subsidiaries in Estonia, Lithuania, and Latvia. Finnkino belongs to the Rautakirja, which is part of the SanomaWSOY Group.