Los Angeles: Pinewood Studios, the mosticonic film set and home of “Star Wars” and “James Bond” films, is being sold off in a jaw-dropping 323.3 million pounds deal. The movie studios in South Buckinghamshire, plus several offshore hubs, are being sold by the Pinewood Group. The sets are being bought by Bidco, and the companies have revealed they are “satisfied with its financing pre-condition and accordingly Bidco and Pinewood have reached agreement on the terms of a recommended cash acquisition”, according to Deadline.
Over the years, Pinewood has played host to the James Bond franchise, the new Star Wars movies, and many other titles from the likes of Disney and Marvel. The studios were granted planning permission to expand in 2014 and the plans will be seen through by the new owners. Speaking about the sale, Pinewood Chairman Lord Grade 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.” PTI
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