The acquisition expands Technicolor's VFX services globally to high-end television and international film markets. MPC will continue to address leading projects for both its studio and advertising clients, while Mr. X will focus on high-concept TV production, genre features and international film co-production. Mr. X and its clients will also be able to access Technicolor's postproduction portfolio, proven operational excellence and leading technology solutions.
"Over the last five years Technicolor has focused on building the leading global VFX studio in film and commercials with MPC," said Frederic Rose, CEO of Technicolor. "This acquisition adds another strong brand to the Technicolor family and complements our VFX business resulting in a true industry powerhouse. By combining our talent and resources we can accelerate our global growth across all market segments and provide unprecedented VFX capabilities to the market."
Mr. X currently employs over 200 professionals in Toronto and New York.
Financial details of the agreement will not be disclosed, but it is anticipated to contribute incremental positive earnings immediately.
The acquisition remains subject to approval by the Government of Canada's Department of Canadian Heritage and is expected to close by July 2014.