Silver Lake, major AMC shareholder, sells entire stake for $ 713 million

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AMC Entertainment Holdings

Silver Lake, the second largest holder, sold its entire stake in the theater chain for $ 713 million.

Barron’s reported that private equity firm Silver Lake was converting AMC (ticker: AMC) debt into shares earlier this week. In a form Silver Lake filed with the Securities and Exchange Commission on Friday, the company noted that it sold the resulting 44.4 million shares on Jan. 27 at an average price of $ 16.05 each.

At the end of 2020, AMC Silver Lake Convertible Notes gave it a 21.3% interest in the listed Class A common shares of the company. Silver Lake’s voting stake was much smaller, with Chinese company Wanda America Entertainment at the time holding 51.8 million Class B voting shares. Class B shares have three votes each, while Class A common shares have one vote each. Wanda America controlled 58.8% of AMC’s voting rights at the time.

Silver Lake did not immediately respond to a request for comment on the stock sale.

AMC stock has climbed 525.5% so far this year amid short-term market-wide squeeze.

Inside Scoop is a regular Barron article that covers the stock trading of corporate executives and board members – called insiders – as well as major shareholders, politicians and other important figures. Due to their insider status, these investors are required to disclose stock transactions to the Securities and Exchange Commission or other regulatory groups..

Write to Ed Lin at [email protected] and follow @BarronsEdLin.