Panavision, Sim to Merge With Saban Capital Acquisition
The combined entities will be known as Panavision Holdings and the company is expected to trade publicly on Nasdaq.
Saban Capital Acquisition will merge with Panavision, the iconic camera firm, and with Canadian production house Sim Video International in a deal valued at about $622 million, the firms said Friday.
While Panavision and Sim will become subsidiaries of SCA when the merger closes next year, the combined entities will be known as Panavision Holdings and the company is expected to trade publicly on Nasdaq, which is where SCA trades now.
SCA is a special purpose acquisition company affiliated with Saban Capital Group, which was founded by media mogul Haim Saban. SCG's investments include stakes in Univision, Celestial Tiger Entertainment in Malaysia and Partner Communications in Israel.
The transaction includes a $55 million private placement of common stock at $10 per share, while SCA shares were trading for $10.10 on Friday.
After the deal closes, Panavision CEO Kim Snyder will serve as chairman and CEO of the merged entity, and Panavision CFO Bill Roberts will continue to serve in that role.
The combination of Sim, headquartered in Toronto, and Panavision, headquartered in Woodland Hills, "will create the foremost provider of end-to-end production and post-production services," said Adam Chesnoff, president and CEO of SCA.
"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."