27 Jan 2022 , 12:14 PM
Prime Focus World NV., a subsidiary of Prime Focus Ltd has entered into a definitive business combination agreement with Sports Ventures Acquisition Corp, a publicly-traded special purpose acquisition company, that will result in it becoming a public listed company on the Nasdaq.
DNEG, a leading technology-enabled visual effects and animation company for the creation of feature film, television and multiplatform content, and Sports Ventures Acquisition Corp., a publicly-traded special purpose acquisition company, announced they have entered into a definitive business combination agreement that will result in DNEG becoming a public company.
Upon closing of the transaction, the combined company will be renamed DNEG and it is expected that its ordinary shares will be listed on the Nasdaq. The combined company will be led by Namit Malhotra, DNEG’s Chairman and Chief Executive Officer.
DNEG is a leading technology-enabled visual effects (VFX) and animation company for Hollywood studios, streaming services and production companies worldwide, with operations based in North America (Los Angeles, Montréal, Toronto and Vancouver), Europe (London) and Asia (Bangalore, Chandigarh, Chennai and Mumbai).
With more than 20 years of industry experience, DNEG has been awarded six out of the last ten Academy Awards® for ‘Best Visual Effects.’ Formed through the 2014 merger of Prime Focus (founded in 1997) and Double Negative (founded in 1998), DNEG has focused historically on building close working relationships with filmmakers.
DNEG is positioned to be a true, global media powerhouse, with its fast-growing visual effects and animation businesses and significant opportunity to expand into new geographic markets, as well as adjacent products such as gaming, further accelerating its lead in visual effects and animation.
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