Veteran Wall Street investor Ronald Perelman’s Mafco Holdings took control of the venerable camera and optics outfit Panavision Inc. Thursday, by in effect swapping out shares of Panavision’s previous majority stockholder, Warburg Pincus Capital Co., and replacing them with Mafco shares of equal value.
When the stock swap is complete and the dust settles, Mafco should own approximately 72% of Panavision’s publicly traded stock, and the deal’s total value should top $600 million.
The deal is subject to Securities & Exchange Commission scrutiny and various other boilerplate considerations. A special stockholder meeting to be held during the first quarter of 1998 must also approve the transfer of the controlling interest in Panavision.
Panavision CEO William Scott said in a statement that the company “welcomes this change and (feels) it will enhance our future prospects and opportunities.”