Post-production firm Prime Focus on Thursday said it will acquire two US firms – Post Logic Studios and Frantic Films – for $43 million, a move that would broaden the global footprint of the company.
Prime Focus Group is in advanced negotiations with two unlisted entities in North America and is close to reaching a final agreement to this effect, the company said in a filing to the Bombay Stock Exchange.
These acquisitions would add to the global footprint of Prime Focus, which currently has six visual effects and post- production facilities across India and four facilities in London.
The acquisition would also add rights to over 55,000 sq ft of real estate in Hollywood and a talent pool of 200 new staff, the company said.
Besides, it would give Prime Focus Group access to the R&D division of Frantic Films, which develops and markets visual effects software solutions.
Prime Focus Group plans to continue operations of both Post Logic Studios and Frantic Films as independent units, providing both companies access to a talent pool of over 400 visual effect artists worldwide, it.
The acquisition is pending finalisation of deal structure and applicable regulatory and statutory approvals, Prime Focus added.
Post Logic Studios has offices in Hollywood and New York and Frantic Films has offices in Los Angeles, Winnipeg and Vancouver.
Source: Economic Times