China's US$187 million acquisition of a European special effects giant is the company's first foray into the entertainment industry

European special effects giant Framestore, which has produced special effects for Hollywood blockbusters such as "Avatar,""Doctor Strange","Harry Potter" and "Gravity", was acquired by China Capital for US $187 million (approximately 150 million euros).

Original title: European special effects giant was acquired by China Capital for US$187 million. Framestore, a European special effects giant that produced "Gravity" and "Harry Potter"

, was acquired by China Capital for US$187 million (approximately 150 million euros).

According to Deadline, British special effects company Framestore was acquired by Chinese conglomerate Cultural Investment Holdings Co for US$187 million, becoming another European and American film company acquired by China capital after Wanda's recent acquisition of all shares of DCP Group in the United States for US$1 billion and its acquisition of Legendary Pictures in the United States for US$3.5 billion at the beginning of this year.

In the transaction, Shanghai-listed Cultural Investment Holdings acquired a 75% stake and operating rights in Framestore, while the company's founder William Sargent will own the remaining minority stake. The acquisition is currently awaiting approval from China regulators.

Deadline reports that the China company appears to be making its first foray into the entertainment industry, having previously focused on the automotive industry. Sargent told Sky News: "Partnering with CIH will put us at the forefront of the film world, both creatively and financially, based on our advantages in the European and North American markets and will accelerate the introduction of our films into the exciting China market, while opening up other rapidly expanding Asian markets."

Sargent also stressed that there have been no changes in the company's daily work."Although Framestore's equity has changed, business is still proceeding as usual." And he is looking forward to expanding his business in Asia.

Framestore was founded in 1986 and is headquartered in London, England. It is Europe's largest visual effects and computer animation studio, and has a brilliant track record in film special effects. Framestore won the 2008 Academy Award for Best Visual Effects for the movie "The Golden Compass" and was again nominated in 2009 for "Batman: The Dark Knight." Among the films released in China in the past two years, Framestore participated in the production of "Clash of the Titans","Sherlock Holmes","Harry Potter and the Order of the Phoenix","Avatar","Where are the Fantastic Beasts". Framestore is currently in post-production for Paddington Bear 2.

Editor: Nancy