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Prime Focus has been informed that DNEG S.a.r.l., Luxembourg (DNEG), a material step down subsidiary of the Company, has agreed to raise $200 million from United Al Saqer Group, a leading Abu Dhabi-based investor (Investor), on terms and conditions as per mutual agreement.
DNEG has signed an agreement on 01 July 2024 to encapsulate funding of $90 million in furtherance of signing agreement for receiving investment of $110 million (approximately) on 20 June2024 (thereby aggregating to investment of $200 million).
Closing against $100 million (approximately) is expected to happen by 07 July 2024.
Closing against another $10 million will be subject to timelines, terms and conditions as per mutual agreement.
Closing against remaining $90 million will be done over a period of 2 years following the aforementioned completion, subject to terms
and conditions as per mutual agreement.
Post completion of the transaction, DNEG will continue to be a step-down subsidiary of the Company.
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