Cineworld Group plc has acquired Cinema City International NV, controlled by the Greidinger family, at a company value of £503 million in cash and shares. After the sale, Cinema City International will remain on the Warsaw Stock Exchange, under a new name, Global City, a real estate company with assets in Bulgaria, an office building in Herzliya and other properties in Israel, and land in Poland zoned for an amusement park. Following the deal, Moshe Greidinger will become CEO of the merged company, which will keep the name Cineworld, and Israel Greidinger will become the COO.

Cineworld chairman Anthony Bloom will continue in his post, but the Greindingers will hold the reins.