US firm Deluxe Entertainment Services Group has completed its acquisition of Ascent Media’s creative services and media services divisions.
The deal, which closed on 31 December, will see Deluxe take ownership of Ascent Media’s creative services and media services divisions, including UK post houses Ascent 142, Soho Film Lab and Rushes.
Deluxe said that many of the acquired business units provide services in television and commercial post production that go beyond Deluxe’s portfolio.
“In the coming weeks and months, Deluxe will be advising customers on the new service offerings,” said president and CEO of Deluxe, Cyril Drabinsky. “We look forward to providing our customers with the best that the combined companies and teams of talented employees have to offer.”
When the acquisition was announced at the end of November, 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 Entertainment Services Group, which is a wholly-owned subsidiary of MacAndrews and Forbes Holdings, provides a range of entertainment industry services and technologies to major Hollywood Studios and an international client base.