VCL has complete Pictures
EmptyCOLOGNE, Germany -- Home entertainment group VCL Film + Medien has completed its buyout of German media fund Equity Pictures by issuing 812,500 new shares as an investment in kind in exchange for the final 15% of Equity.
VCL acquired an 85% stake in Equity Pictures last year, with the cash coming from a U.S. hedge fund.
Equity, one of Germany's largest media funds, financed Hollywood films including "Hostage," "The Black Dahlia" and "16 Blocks."
The deal sent VCL shares through the roof when it was announced late last year. VCL stock almost doubled in value from less than €0.90 to about €1.5 in little over a week before sliding down below €1 again in late January.
Monday's news gave VCL shares a boost. By late afternoon trading they were up 7% at €1.05 ($1.38).