13-Aug-2016 • Bond News
Pinewood Studios owners The Pinewood Group, who also control Shepperton Studios and several studio spaces overseas, have approved the takeover by Aermont Capital and Bidco for a staggering £323.3M ($419M). The potential for the deal was first announced by the Pinewood board last month. In a statement, the parties today announced that Bidco has “satisfied its financing pre-condition and accordingly Bidco and Pinewood have reached agreement on the terms of a recommended cash acquisition.”
The deals takes the organisation private and injects funding to finance the expansion plans that were finally approved by the local council.
In recent years, Pinewood has been home to James Bond, Star Wars and Harry Potter.
Pinewood Chairman Lord Grade said, “The Board believes that Bidco can provide Pinewood with the platform required for future growth. The Pinewood Group has been transformed in recent years but has been somewhat constrained in realizing its ambitions due to the lack of share liquidity. As a result of the Strategic Review instigated by the Board, Pinewood now has the prospect of a funding structure for the future. The Board is encouraged by the commitment Bidco has already shown to management, to Pinewood’s strategy for growth, and to the future of the iconic Pinewood Studios."
“The Board believes that this transaction provides our shareholders with an attractive offer. Moreover the Board believes that following the transaction, Pinewood and clients will benefit from greater opportunities in the years ahead and the Board intends to recommend the offer unanimously.”