Saban Capital Acquisition Corp., a publicly traded special purpose acquisition company, Panavision and Sim Video International have agreed to combine their businesses to create a premier global provider of end-to-end production and post production services to the entertainment industry. Under the terms of the business combination agreement, Panavision and Sim will become wholly owned subsidiaries of Saban Capital Acquisition Corp. Upon completion, Saban Capital Acquisition Corp. will change its name to Panavision Holdings Inc. and is expected to continue to trade on the Nasdaq stock exchange. Kim Snyder, president and chief executive officer of Panavision, will serve as chairman and chief executive officer. Bill Roberts, chief financial officer of Panavision, will serve in that role for the combined company.
Panavision designs, manufactures and provides high-precision optics and camera technology for the entertainment industry and is a leading global provider of production equipment and services. Sim is a leading provider of production and post production solutions with facilities in Los Angeles, Vancouver, Atlanta, New York and Toronto.
“This acquisition 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,” says Snyder.
“We’re combining the talent and integrated services of Sim with two of the biggest names in the business, Panavision and Saban,” adds James Haggarty, president and CEO of Sim. “The resulting scale of the new combined enterprise will better serve our clients and help shape the content-creation landscape.”
The respective boards of directors of Saban Capital Acquisition Corp., Panavision and Sim have unanimously approved the merger with completion subject to Saban Capital Acquisition Corp. stockholder approval, certain regulatory approvals and other customary closing conditions. The parties expect that the process will be completed in the first quarter of 2019.