National CineMedia, Inc. to Acquire Captivate for $275 Million, Creating the Leading Premium Video and Digital Out-of-Home Advertising Platform
National CineMedia (NCMI) announced a definitive agreement to acquire Captivate Holdings for $275 million in enterprise value, creating a combined digital out-of-home advertising network with over 48,000 screens across theaters, offices, and residential properties. The transaction, expected to close in the second half of 2026, will be fully funded by new term debt, resulting in expected net leverage of 3.9x at close. NCMI anticipates generating over $3.5 million in annual cost synergies within the first year. To prioritize debt reduction following the close, NCMI is pausing its dividend and share repurchase programs.
Key figures
- Deal Value Usd
- $275 million
- Combined screens
- 48,000+
- Funding debt amount
- $275.0 million
- Target 2025 revenue
- $64 million
- Annual cost synergies
- $3.5 million
- Net leverage at close
- 3.9x
- Target 2025 adj ebitda
- $19 million
AI analysis
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