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China's Recon Holding to Acquire Majority Stake in Millennium Films for USD 100m.

M2 EQUITYBITES-February 24, 2017-China's Recon Holding to Acquire Majority Stake in Millennium Films for USD 100m

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24 February 2017 - Chinese media and sports company Recon Holding has agreed to acquire a majority stake in independent film production firm Millennium Films, the company said.

Under the terms of the agreement, Recon Holding will acquire a 51% majority ownership stake in Millennium Films for USD 100m (RMB 688m).

Recon Holding is controlled by Recon Group, a multinational conglomerate which owns the Aston Villa Football Club and is led by Dr. Tony Jiantong Xia.

Best known for its franchise properties The Expendables, Olympus Has Fallen, London Has Fallen, and Rambo, Millennium has generated over USD 1.2bn (RMB 8.2bn) in worldwide box office revenues since 2011.

The company's upcoming film slate includes The Hitman's Bodyguard, starring Ryan Reynolds and Samuel L, Jackson; Escobar, starring Javier Bardem and Penelope Cruz; and Hunter Killer, starring Gerard Butler and Gary Oldman.

Under the terms of the deal, Recon Holding will acquire a majority ownership interest in Millennium Films, including its nearly 300-film library.

Avi Lerner will act as chief executive officer of Millennium Films, while Trevor Short will serve as chief operating officer.

Dr. Tony Xia, chairman of Recon Group and the Aston Villa Football Club, will serve as chairman of Millennium Films. Recon Holding will have the opportunity to acquire the remaining 49% shareholding in the future.

The transaction is expected to close during 2Q17, subject to the satisfaction of customary closing conditions.

Founded in 1992 by Avi Lerner, Trevor Short, Danny Dimbort, and Danny Lerner, Millennium, which is best known for its franchise properties The Expendables, Olympus Has Fallen, London Has Fallen, and Rambo.

Recon Holding (Recon Wenyuan Cable Co.,Ltd), was founded in 2001 and is based in Yixing, China.

The company was initially listed in Shenzhen Stock Exchange in 2012, principally involved in the development, production and distribution of motion picture, TV series, sports events and shows; and the design, research, development, production and distribution of wires and cables mainly applied in the electric power, transportation, airport, metallurgy, construction, machinery and other industries.

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Date:Feb 24, 2017
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