APX Group Acquires 50 Percent Stake in London’s Twickenham Film Studios
APX Group, a New York-, Los Angeles- and London-based film, media and entertainment fund owned by a group of private financiers from the U.S., Italy, Spain and the U.K., has acquired a 50 percent stake in London-based Twickenham Film Studios, where the likes of The Italian Job, Beatles feature A Hard Day’s Night, Bohemian Rhapsody, The Iron Lady and Elizabeth: The Golden Age were made.
A price tag was not disclosed.
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The move follows recent news of businessman Sunny Vohra, chairman of Twickenham Film Studios, acquiring a 6.95 percent stake in APX. The deal for the stake signals a 950 million pound ($1.14 billion at Thursday’s exchange rate) market capitalization for APX, led by global CEO Shelley Hammond, which is planning a public listing on the New York Stock Exchange later this year, the company said.
The Twickenham acquisition is the latest addition to APX’s network of studios. In recent months, APX Group has acquired a significant stake in Next Wave Studios, the joint venture between Leo Matchett and Roman Coppola’s Decentralized Pictures and Stephen Murray’s Bingeable, and the development slate of Burning Wheel.
“As part of the acquisition, APX Group will rebrand its global network of studios with the Twickenham Studios name,” the firm said. “The parties have also agreed on an accelerated expansion plan to acquire additional studios and land suited for studio construction in Europe and the U.S., all under the iconic branding of Twickenham Studios.”
Twickenham Films Studios’ board will now include two members nominated by APX.
Said Hammond: “As CEO I’ve made it the goal of our group to expand our production network into fresh territories and to complete a successful public merger. Twickenham Film Studios is a cultural institution of film production and as such will be a jewel within our production portfolio. The work completed over the 100-plus years while the studio has been active is seminal.”
Vohra added: “Twickenham Studios was saved from liquidators and demolition by myself and a group of like-minded film-buffs approximately 10 years ago. Now we all look forward toward worldwide expansion and growth.”
APX also said on Monday that it has agreed with Twickenham Film Studios “to provide a generous bonus and incentive package for the entire personnel of Twickenham Film Studios on an ongoing basis.”
