Imagi International will
initially pay HK$814 million ($105 million) in cash and
consideration shares as part of a deal that is expected to be
completed in April.
"It was a strategic move for
Imagi to make this acquisition of Toon Express because they saw
property that had massive amount of potential," said Connie
Carnabuci, a partner of Freshfields in Hong Kong.
"This is an indicator of the
social development of China and the export of Chinese culture,"
Founded in 2000, Imagi International is a producer and
distributor of computer graphic imaging (CGI) animated motion
pictures. Its works include Teenage Mutant Ninja Turtles and
Toon Express Group owns the IP to popular Chinese animated
series Pleasant Goat and Big Big Wolf
which is about a group of goats that live on the Green-Green
grassland and have to avoid a clumsy wolf who wants to