Prime focus makes acquisition in US

"In furtherance of the earlier intimation made by the Company that the Prime Focus Group is in advanced negotiations with two unlisted entities in North America, the Prime Focus Group is close to reaching final agreement to acquire Post Logic Studios (with offices in Hollywood and New York) and Frantic Films (with offices in Los Angeles, Winnipeg and Vancouver) for a total consideration of USD 43 million, pending finalization of deal structure and applicable regulatory and statutory approvals.

These acquisitions will add to Prime Focus' global footprint, which currently entails six visual effects and post-production facilities across India and four facilities in London. The acquisition will also add rights over 55,000 square feet of prime real estate in the heart of Hollywood, and a talent pool of 200 new staff members.

The acquisition will give the Prime Focus Group access to the R&D division of Frantic Films, which develops and markets visual effects software solutions. Frantic Films has worked on top Hollywood films including Fantastic Four: The Rise of the Silver Surfer, Grindhouse, Superman Returns, X-Men 3, Poseidon, Mr. Miagorium's Wonder Emporium and Journey 3-D.

Prime Focus Group plans to continue operations of both Post Logic Studios and Frantic Films as independent facilities, providing both Companies access to a talent pool of over 400 visual effects artists worldwide."