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Naveen Goel, SNG, Bharucha, Olswang, Links on complex cross-border special effects merger [UPDATE]

Naveen Goel Law Offices (NGLO) and Olswang advised Europe’s largest independent visual film effects provider Double Negative on its merger with Reliance Capital’s global film and media business Prime Focus. Prime Focus was advised by Bharucha & Partners and Linklaters.

NGLO partners Rishi Bhatnagar and Naveen Goel and Olswang corporate partner Paul Guite and associates Ken Wilkinson and Tom Jameson acted for Double Negative.

Double Negative’s work features in films like the Inception and the Harry Potter series. Bhatnagar said that the deal will be executed through a pay out to the shareholders and a deferred consideration coming though in three years, guaranteed by Prime Focus.

Update: SNG & Partners partner Amit Aggarwal and principal associate Devyani Dhawan and legal consultant Aditya Vikram Dua represented Prime Focus on the acquisition of negative holdings, alongside Linklaters partner Savi Hebbur and managing associate Shushil Jacob.

Bharucha partner Justin Bharucha and associate Mazahir Bootwala advised on the regulatory aspects of the deal.

The multi-layered deal included Reliance MediaWorks buying a 30.2 per cent stake in Prime Focus for Rs 120 crore ($20m) and existing promoters ready to launch an open offer for an additional 26 per cent, reported Money Control.

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