Cineworld Group said today it will buy Canada's Cineplex for $2.1 billion, including debt, making it the largest cinema operator in North America. 

Cineworld has offered to buy Toronto-based Cineplex for C$34 ($25.56) per share, a premium of 42% to the Canadian firm's closing price of C$24.01 on Friday. 

The deal comes nearly two years after Cineworld bought US-based Regal cinemas for $3.6 billion in February 2018.

It will add 165 cinemas and 1,695 screens to the company's existing global network of 9,498 screens across 786 sites. 

"Going forward, our immediate post-acquisition objectives will be to combine Cineplex with our US business," Cineworld Chairman Anthony Bloom said. 

Cineworld also said that its largest shareholder Global City Theatres has agreed to vote in favour of the deal and that it expects about $130m of annual pretax cost savings by the end of financial year 2021.