Pinewood Group has agreed terms on a prospective takeover by Perella Weinberg.
Venus Grafton is an indirect wholly-owned subsidiary of PW Real Estate Fund III LP, managed by PW Real Assets (formerly Perella Weinberg Real Estate UK LLP).
A subsidiary of Venus Grafton, Bidco, has received 65.8% of the share capital of Pinewood in issue on 27 July.
The offer is conditional on Bidco releasing a firm offer announcement by 25 August and under the terms, each Pinewood shareholder will be entitled to receive 563.2 pence per share.
London-based independent asset manager Aermont Capital LLP advised Venus Grafton; Rothschild advised Pinewood.
Ivan Dunleavy, chief executive of Pinewood, said: “Pinewood has grown in recent years into a global operation which sits at the forefront of the UK’s creative industries. We believe that we have found the right partner for the business and one that shares our long-term vision for the future of the group.
“Pinewood’s continuing commitment to the UK’s creative industries remains as strong as ever. Staff and customers can be assured that in this new strategic partnership our priority will be to not only maintain, but build on the world class provision of services.”
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