Double Negative and Prime Focus World merged, one of the largest visual effects providers

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In an unprecedented move, global media and entertainment industry services leader Prime Focus Limited (BSE code: 532748) has announced the merger of its creative services subsidiary Prime Focus World (PFW) and Double Negative (DNeg), one of the largest visual effects services providers to the global film industry. The agreement will create what is indisputably the world’s largest independent VFX, stereo conversion and animation company serving the Hollywood film industry.

This is a transformational event – both for the companies involved and for the industry,” said Prime Focus founder and CEO of Prime Focus World, Namit Malhotra. “Prime Focus has proven over the last five years the undeniable benefits of global collaboration: the flexibility of working in different time zones; the coming together of creative talent from across the globe; and the ability to leverage tax incentives. We can now bring this together with Double Negative’s unquestionable creative excellence to build a truly formidable offering.”

The new VFX business, which will trade under the ‘Double Negative’ brand, will be led by DNeg’s current management team of Alex Hope (Managing Director) and Matthew Holben (CEO). In addition to the existing creative talent at its London and Singapore facilities, Double Negative will be opening in Vancouver by bringing key talent and technology besides having complete access to all production and technology infrastructure in India.

We have ambitious plans to build on what we’ve achieved in VFX over the last 15 years,” said Double Negative’s management team of Matthew Holben (CEO) and Alex Hope (Managing Director). “This deal allows Double Negative to develop into a truly global operation that provides great work for our clients and great opportunities for our staff.”

Both PFW and DNeg have a power packed summer line up. PFW kick started the season with its work on Maleficent and Edge of Tomorrow. It is also the lead conversion house and a VFX provider on Transformers: Age of Extinction and the exclusive stereo VFX partner on Sin City: A Dame To Kill For. PFW is involved in almost half of all releases from the mainstream studios this summer. DNeg has delivered stunning visual effects for high-profile blockbusters such as Godzilla, Christopher Nolan’s Interstellar, Jupiter Ascending from Andy and Lana Wachowski, Ridley Scott’s Exodus: Gods and Kings, and Brett
Ratner’s Hercules, among others.

The transaction is subject to customary closing conditions and expected to close in the coming weeks.Centrum Capital acted as financial advisors to Prime Focus.

Via: www.moneycontrol.com