Pinewood Group’s £323m sale to a real estate private equity fund is set to go ahead after the company formed to buy it confirmed it has secured financing for the bid.
The film studio, home to the James Bond and Star Wars films, reached an agreement with funds managed by Aermont Capital, a London-based asset manager, last month, but said the deal was conditional on completing financing arrangements.
In an update today, Aermont said the company formed for the bid has satisfied its financing conditions for the deal.
Lord Grade of Yarmouth, Pinewood chairman, said the sale will “provide Pinewood with the platform required for future growth” after management became frustrated with the company’s structure, where three of its largest investors held 79 per cent of stock.
Léon Bressler, managing partner of Aermont, said:
Pinewood is an iconic brand at the heart of the global creative industries.
The transformation of the business in recent years has been considerable and it is clear that there are more ambitions to be realised. We are excited about the potential to support the business as an independent company.
Get alerts on Front page when a new story is published