MADRID — Barcelona-based indie distribution house Manga Films has been acquired by Spanish media company Avanzit.
Coming out of the blue in the last fortnight, the deal ends drawn-out negotiations between Wild Bunch and Manga for Wild Bunch to buy up Manga as a first step in a pan-European distribution network.
For Manga, Avanzit’s offer was one it couldn’t refuse.
Avanzit has paid Manga Euros 28 million ($35.4 million), $12.7 million in cash, the remainder via a share swap.
Deal is subject to due diligence.
Spain’s highest-grossing indie distribber in early 2006, thanks to “Crash” and “Good Night, and Good Luck,” Manga will now form part of Avanzit’s growing media holding, which includes top Spanish post production house Telson, leading film producer Telespan, Video Report and Ostra Delta.
Avanzit has announced an initial public offering of its media holding for the first half of 2007.
“The deal will give us autonomy and muscle. If a big film supplier were to be on the block, we could make a play for it,” Manga prexy Luis de Val told Daily Variety.
“We now have four legs of the table — film production, distribution, post-production and services, and Manga’s significant turnover will increase the size of Avanzit’s media holding in preparation for the float,” added Telson managing director Oscar Vega.