France's Technicolor Gets New Chairman, Seals Deal to Sell Stake to U.S. Firm
Shareholders approved a deal that will see private equity group Vector Capital acquire up to 30 percent of the company's stock.
The board of France-based content creation and delivery services firm Technicolor has named Remy Sautter to the role of chairman, succeeding Denis Ranque.
The company also said that its shareholder meeting on Wednesday approved a deal that will see U.S. private equity firm Vector Capital take up to a 30 percent stake in the company for up to 191 million euros ($242 million).
"The level of participation of existing shareholders…will determine Vector’s final stake in Technicolor," the company said. "Vector will hold between 18 percent and 29.94 percent of Technicolor’s share capital."
The deal will give Technicolor a capital injection that the company plans to use on its international expansion and beefing up its product pipeline. "These capital increases will also contribute to stabilizing Technicolor’s shareholder base, which will benefit from Vector’s expertise in technology," the company said.
Two Vector representatives will join the Technicolor board. They are Alexander Slusky, founder and managing partner, and partner David Fishman.
Paris-headquartered Technicolor offers services for the creation, management and delivery of content, ranging from postproduction to Blu-Ray authoring and digital cinema distribution.
The company last fall completed its acquisition of Hollywood-headquartered post house Laser Pacific. http://www.hollywoodreporter.com/news/technicolor-completes-acquisition-laser-pacific-237165