The FCA has given its approval for PW Real Estate Fund III to acquire the entire issued share capital of Pinewood Group for £323.3m through the newly-incorporated company, Picture Holdco Limited, or ‘Bidco’.
The acquisition must now meet the approval of Pinewood shareholders at a court meeting and general meeting on 19th September.
Commenting on the initial 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.
“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.”
If accepted by shareholders, the scheme is expected to become effective on 4th October.
PW Real Estate Fund III is advised by London-based asset management business and real estate investor Aermont Capital LLP.
Aermont serves as an investment adviser to three pan-European funds with total equity commitments of approximately £3.4m.
Léon Bressler, managing partner of Aermont, added: "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 look forward to working with Pinewood's management team to deliver their compelling strategy for future growth, both in the UK and internationally."
Pinewood Group’s studios have played host to dozens of Hollywood blockbusters, including Star Wars, James Bond and the Avengers.
In February, the group announced plans for a £200m expansion at its studios in Buckinghamshire.
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