Oscar-winning UK VFX firm Framestore is to be sold to Chinese firm Cultural Investment Holdings Co in a deal worth £150m.
Framestore has agreed a deal with Cultural Investment Holdings Co (CIH) that will mean the Shanghai-listed group acquires 75% of the business, according to a report by Sky News.
The remainder is owned by the firm’s founder and chief executive, Sir William Sargent, and the rest of Framestore’s management team.
Framestore’s credits include Gravity (pictured), Superman Returns and upcoming Harry Potter spin-off Fantastic Beasts and Where to Find Them. It is currently working on Paddington 2.
Sargent told Sky News: “Partnering with CIH positions us both creatively and financially to be the leaders in the world of story-telling across all visual platforms.
“This builds on our strength in Europe and North America, and will accelerate our move into the exciting Chinese market, as well as open up other rapidly expanding markets in Asia.”
Among the shareholders who have agreed to sell their stakes in Framestore is Khazanah Nasional, Malaysia’s sovereign wealth fund, which acquired 30% of the company in 2014.
Framestore heard from a number of interested parties over the sale, including firms from UK, US and Australia.