Saban Capital Acquisition headed by Israeli media mogul Haim Saban announced on Friday, it is buying camera equipment specialist Panavision and Sim Video International in a $622 million cash and stock deal
The transaction is aimed at creating a comprehensive production and post-production organization. Saban Capital Acquisition will change its name to Panavision Holdings Inc. and is expected to continue to trade on the Nasdaq stock exchange.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.
Saban Capital Acquisition will pay Panavision shareholders $368 million in cash and 8.1 million shares of Saban stock with another 6 million shares vesting over time. Sim’s shareholders will receive $110 million in cash and 3.1 million shares of Saban stock. The deal will close in the first quarter of 2019.
“Advancements in technology and the emergence of streaming have fundamentally changed how consumers watch and discover content,” Saban said. “This is driving significant growth in the market for production and post-production services. This secular trend creates a tremendous opportunity for Panavision to leverage its leading technology and pursue opportunistic acquisitions to grow in a manner that is agnostic to the content creator and distribution channel.”
Panavision president-CEO Kim Snyder will serve as chairman and CEO. Bill Roberts, the chief financial officer of Panavision, will serve in that role for the combined company.
Snyder said “For nearly 65 years, Panavision has providing cutting-edge equipment and exemplary service to support the creative vision of our customers. This acquisition by Saban Capital will leverage the best of Panavision’s and Sim’s resources by providing comprehensive products and services to best address the ever-adapting needs of content creators globally. These complementary companies subscribe to the same strategic vision: to support our customers as the category-defining provider of end-to-end production and post-production services.”
