Deluxe Entertainment has struck a deal with Ascent Media to buy its creative services and media services divisions, including UK post houses Ascent 142, Soho Film Lab and Rushes.
In a statement Ascent said the deal was for $68 million (£43 million) in cash plus an unspecified amount of debt. The purchase price has been allocated as 79% to the US businesses and 21% to the UK businesses, valuing the UK arm of Ascent at just under £9 million.
“Deluxe is well positioned to take our company into the future as technologies continue to transform how customers create and distribute content for films and television programs,” said Cyril Drabinsky, president and CEO of Deluxe.
The deal, which was tipped by Broadcast in September, is expected to close before the end of the year following a 30-day period of due diligence.