Prime Focus’ board of directors has approved the merger of its creative overseas subsidiary, Prime Focus World (PFW) with Double Negative (DNeg), one of the largest visual effects services providers to the global film industry. The company’s board of directors, in the meeting held on June 25, 2014, approved the merger.
The agreement will create the world’s largest independent VFX, stereo conversion and animation company serving the Hollywood film industry. The transaction will be supported by Standard Chartered Private Equity, Macquarie Capital and AIDCapital Partners, all existing investors in Prime Focus entities, and existing bankers across the Group.
Further, the company and its overseas subsidiary have received financing commitments and term sheets from multiple parties. However, transactions which would be subject to finalization and customary closing conditions, is expected to close in coming weeks.
Prime Focus is a global visual entertainment services group that provides creative and technical services to the film, broadcast, and advertising market. The group offers a genuine end-to-end solution from pre-production to final delivery including visual effects, 2D to 3D conversion, video and audio post production, equipment hire, multi-platform content operations solutions and digital distribution.
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