UK – Pinewood Studios, the home of many international blockbuster films and movie classics, is to be acquired in a deal that value the company at £323.3 million (€383.7m).

Further to the announcement on 28 July 2016, the boards of Bidco and Pinewood are pleased to announce that Bidco has satisfied its financing pre-condition and accordingly Bidco and Pinewood have reached agreement on the terms of a recommended cash acquisition pursuant to which Bidco, a newly-incorporated company indirectly owned by PW Fund III, intends to acquire all of the issued share capital of Pinewood.

Bidco intends to support Pinewood, as an independent leading British business, by working with its existing management to further enhance its position as a global leader in the operation and provision of professional production facilities and related services under its iconic studio brands.

Commenting on the offer, Lord Grade of Yarmouth, CBE, Chairman of Pinewood, said: “The Board believes that Bidco can provide Pinewood with the platform required for future growth. The Pinewood Group has been transformed in recent years but has been somewhat constrained in realising its ambitions due to the lack of share liquidity. As a result of the Strategic Review instigated by the Board, Pinewood now has the prospect of a funding structure for the future. The Board is encouraged by the commitment Bidco has already shown to management, to Pinewood’s strategy for growth, and to the future of the iconic Pinewood Studios.

“The Board believes that this transaction provides our shareholders with an attractive offer. Moreover, the Board believes that following the transaction, Pinewood and clients will benefit from greater opportunities in the years ahead and the Board intends to recommend the offer unanimously.”