Prime Focus eyes 2 acquistion in NAmerica

New Delhi, Nov 29: Prime Focus Group today said it is in advanced negotiations with two unlisted entities in North America and is close to reaching final agreement to acquire Post Logic Studios and Frantic Films for a total consideration of 43 million dollars.

The acquisitions will add to Prime Focus' global footprint, which currently entails six visual effects and post-production facilities across India and four facilities in London, said a statement.

Post Logic has its offices in Hollywood and New York while Frantic has its offices in Los Angeles, Winnipeg and Vancouver.

''The acquisition will also add rights over 55,000 square feet of prime real estate in the heart of Hollywood, and a talent pool of 200 new staff members,'' the statememt added.

The acquisition is also expected to give the Prime Focus Group access to the R&D division of Frantic Films, which develops and markets visual effects software solutions.

Frantic Films has worked on top Hollywood films including Fantastic Four: The Rise of the Silver Surfer, Grindhouse, Superman Returns, X-Men 3, Poseidon, Mr Miagorium's Wonder Emporium and Journey 3-D.

Prime Focus Group plans to continue operations of both Post Logic Studios and Frantic Films as independent facilities.

UNI