Imax sells 20% stake in Chinese business to local investors

Imax (IMAX.NYSE) agreed to sell a 20% stake in its Chinese business to two local investors, Bloomberg reported, citing a Wednesday statement by Imax. CMC Capital Partners, an investment fund focused on media and entertainment, and FountainVest Partners, a Chinese private-equity firm, will buy shares of Imax China Holding for US$80 million in two installments. The investors will help Ontario-based Imax continue its expansion in China and strengthen government and industry relationships, the company said. Imax plans to take the Chinese unit public within the next five years in the world’s fastest-growing film market.