AMC’s largest shareholder, Silver Lake, sells its entire stake for $ 713 million

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AMC Entertainment Holdings

Silver Lake’s second-largest owner has sold its entire stake in the theater chain for $ 713 million.

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

At the end of 2020, Silver Lake’s AMC convertible notes gave it a 21.3% stake in the company’s Class A common stock. Turnout in Silver Lake was much lower, as China-based Wanda America Entertainment owned 51.8 million Class B supervisory shares at the time. 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 power at the time.

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

Shares of AMC shot up 525.5% so far this year amid a short squeeze across the market.

Inside Scoop is a regular feature of Barron that covers the stock transactions of corporate executives and board members — the so-called privileged — as well as large shareholders, politicians, and other prominent figures. Due to their privileged reporting status, these investors are required to disclose securities transactions with the Securities and Exchange Commission or other regulatory groups..

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