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The private equity firm Silver Lake, the second-largest owner of the theater chain, converted debt to 44.4 million AMC shares and sold them all on Jan. 27.
Angela Weiss / AFP / Getty Images
AMC Entertainment Holdings
a second largest holder Silver Lake sold its entire stake in the theater chain for $ 713 million.
Barron’s reported that private equity firm Silver Lake earlier this week converted the debt of AMC (ticker: AMC) into shares. In a form that Silver Lake filed with the Securities and Exchange Commission on Friday, the firm noted that it sold the resulting 44.4 million shares on January 27 at an average price of $ 16.05 each.
At the end of 2020, Silver Lake’s AMC convertible notes gave a 21.3% stake in the company’s listed A shares. Silver Lake’s voting interest was much smaller, as Wanda America Entertainment in China then owned 51.8 million super-class B shares. Class B shares each have three votes, while ordinary class shares have one vote each. Wanda America controlled 58.8% of AMC’s voting power at the time.
Silver Lake did not immediately respond to a request for comment on the stock sale.
The AMC share has risen 525.5% so far this year amid brief market pressure.
Inside Scoop is a regular feature of Barron that covers stock transactions by corporate executives and board members – so-called insiders – as well as major shareholders, politicians and other prominent figures. Because of their insider status, these investors must disclose stock trades with the Securities and Exchange Commission or other regulatory groups..
Write to Ed Lin at [email protected] and follow @BarronsEdLin.