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Reliance Group and Prime Focus complete transactionApril 8, 2015
Reliance MediaWorks (RMW) - Prime Focus Limited (PFL) combination to enhance industry leadership in India and across the globe
State-of-the-art operations in India, Los Angeles, London, Vancouver, Singapore, Beijing etc. and global talent pool of over 5500 people
Equips Prime Focus to offer a truly end-to-end solution to M&E organizations spanning production, post, creative and technology
Mumbai, April 8, 2014: Prime Focus Limited (BSE: 532748) the world's largest media services powerhouse today announced that it has completed the transaction to combine with Reliance MediaWorks' global Film and Media Services business. The transaction was first announced in July 2014 and received CCI (Competition Commission of India) approval on 15 December 2014.
RMW and the promoters of Prime Focus, Naresh and Namit Malhotra, have infused fresh equity capital of INR 120 crore into Prime Focus at INR 52 per share, through a preferential allotment, aggregating INR 240 crore. As part of the transaction, the India and overseas operations of RMW's Film and Media Services business was combined with PFL through a slump sale. The net consideration was paid in the form of fresh equity shares of PFL valued at INR 52 per share.
The promoters of PFL and RMW had earlier announced the mandatory open offer in Prime Focus, to the extent of 26% of the fully diluted share capital of PFL, at INR 52 per share, in compliance with applicable SEBI rules and regulations. The open offer closed on 16 January 2015.
The tryst with RMW was announced close on the heels of Prime Focus' Hollywood facing creative services subsidiary Prime Focus World merging its VFX business with acclaimed VFX house Double Negative. The combination of RMW - PFL and Academy Award winning Double Negative creates the world's largest and the most integrated media services group with over 5500 people present across 20 locations offering visual effects, stereo 3D conversion, animation, and cloud-based digital media solutions that transcend the film, advertising and television industries.
Prime Focus and Double Negative are hard at work on an action-packed slate of upcoming movies, including Avengers: Age of Ultron, Terminator: Genisys, Ant-Man, Alice in Wonderland: Through the Looking Glass, Mission Impossible 5, The Hunger Games: Mockingjay Part 2 and Batman v Superman: Dawn of Justice. Recently delivered shows include Kingsman: The Secret Service, Ex Machina, Jupiter Ascending, Seventh Son and In The Heart Of The Sea.
We have completed the last leg of a protracted but path breaking transaction today, said Namit Malhotra, Founder, Executive Chairman & Global CEO, Prime Focus. From here on our full focus will be to drive the integration process and unlock synergies for the benefit of our customers, employees and stakeholders worldwide. Today we are best positioned to offer outstanding creativity, cutting edge technology, integrated Digital Media Services, never before scale, financial robustness and sustainability.
About Prime Focus Limited
Prime Focus Limited (PFL), a global leader in media and entertainment industry services employs over 5000 professionals in 16 cities across 4 continents and 7 time zones. We provide end-to-end creative services like visual effects, stereo 3D conversion, animation, post-production, Digital Intermediate (DI) and equipment rental, and technology solutions including the world's first hybrid cloud-enabled Media ERP technology and cloud media services to Studios, Broadcast, Advertising and Media industries worldwide.
Prime Focus is behind path breaking technologies like CLEAR (Hybrid Cloud technology-enabled Media ERP platform), Primetime Emmy award-winning DAX Digital Dailies and View-D (stereoscopic 2D to 3D conversion). Leveraging our Global Digital Pipeline and pioneering delivery model WorldSourcing we partner content creators at every stage of the process ensuring creative enablement, work flow efficiencies, cost optimization and new monetization opportunities.
Listed on the BSE and NSE of India, Prime Focus has operations in Bangalore, Beijing, Cape Town, Chandigarh, Delhi, Goa, Hyderabad, Johannesburg, Kolkata, London, Los Angeles, Mumbai, New York, Singapore, Toronto and Vancouver.
For more details www.primefocus.com
Media Contact:
Jose Kunnappally
SVP & Chief Marketing Officer
Prime Focus Limited
+91 887 964 5359
jose.kunnappally@primefocus.com
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