Dalian Wanda, China's largest commercial real estate developer, has announced plans to buy London-based Odeon & UCI Cinema Group for 921 million pounds or 1.21 billion US dollars.

Odeon & UCI is Europe's largest cinema chain and operates 242 theatres with 22-hundred and 36 screens. The cinema chain is owned by private equity firm Terra Firma. The deal will be carried out by AMC Entertainment, a US cinema chain under the Dalian Wanda Group.

AMC says that despite the fact that the Brexit vote has created some uncertainties for the deal, the falling pound will make the move a best buy for the company.