AMC Theatres and Carmike Cinemas entered into a definitive merger agreement for AMC to acquire all of the outstanding shares of Carmike for $30 per share in cash.

Both AMC and Carmike’s boards of directors approved the transaction, which is valued at approximately $1.1 billion, including the assumption of Carmike net indebtedness. The purchase price per screen is approximately $376,000, and the per share purchase price represents an approximate 19.47% premium to Carmike’s March 3, 2016 closing stock price.

The transaction, which has fully committed financing in place, will be funded through a combination of existing liquidity, including cash on hand and incremental debt. Citigroup Global Markets is providing the debt financing commitment.

Citi is serving as exclusive financial advisor to AMC and Husch Blackwell is serving as AMC’s lead legal advisor. J.P. Morgan Securities is serving as exclusive financial advisor and provided a fairness opinion to Carmike.

The transaction is expected to be completed by the end of 2016, subject to customary closing conditions, including regulatory approval and approval by Carmike’s shareholders.

Together, AMC and Carmike will have more than 600 theater locations in 45 states across the country.