Prime Focus announces execution of business transfer agreement

Also completes merger of PFW and Dneg

Prime Focus announced that the Company has executed the business transfer agreement to sell, transfer and otherwise dispose of its 'Backend' business, on a going concern on slump sale basis to Prime Focus World Creative Services, a company incorporated in India, which is a direct subsidiary of Prime Focus World (PFW), a company incorporated in Netherlands and an indirect subsidiary of the Company, for a net consideration of USD 38 million.

The Company also announced the completion of merger of Prime Focus World (PFW), a wholly owned subsidiary of the Company with Double Negative (Dneg). Dneg is one of the largest visual effects services providers to the global film industry.

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