MM2 Asia, the Singapore film producer and distributor that recently listed on the local stock exchange, is in advanced talk to make its first post-IPO acquisition.
The company said that it has signed a term sheet to buy a 51% stake in Singapore-based animation company Vividthree Production. Deal terms were not revealed, though MM2 said that it hopes to complete due diligence by the end of March.
“With this lateral extension into 3D animation services, the group believes it will strengthen its competitive advantage as a movie producer and eventually gain access to new markets, customers and business opportunities,” MM2 said in a statement.
Vividthree provides 3D stereoscopic animation, 3D animation and vfx for feature films and commercials. Credits include 3D animation feature film “Zodiac, the Race Begins…,” “The Wedding Game,” “It’s a Great Great World” and hit MM2 title “Ah Boys to Men.” It also co-produced “Robotropolis” with Bleiberg Entertainment and Boku Films.
“Ah Boys to Men 3: Frogmen,” MM2’s latest film release, grossed US$2.23 million (S$2.83 million) in its opening four days (February 19-22) over the Chinese New Year holidays. That made it the top-grossing opening weekend Chinese New Year movie of 2015 and also the top-grossing opening weekend Asian movie of all time at the Singapore box office.