BUSAN — Dexter, one of Korea’s leading visual effects firms, said today that it has signed a contract to receive $10 million investment from Dalian Wanda Group, the giant Chinese property to entertainment group.
Wanda will acquire a tranche of Dexter’s newly issued redeemable convertible preference shares. Were the preference shares to be converted into ordinary equity Wanda would hold 13.3% of the company and be the second largest stakeholder.
Contacted by Variety, Wanda offered no comment on the news.
The deal is part of Wanda’s current transformation from a pure-play real estate firm into one with four business lines, including entertainment and cultural tourism. Its net asset value is some $86 billion.
Established in 2011, Dexter has provided visual effects for Kim Yong-hwa’s Chinese-Korean co-production “Mr. Go” and several Chinese films including Tsui Hark’s “The Taking of Tiger Mountain,” “Young Detective Dee: Rise of the Sea Dragon,” and Cheang Pou-soi’s “The Monkey King 3D.” The VFX company opened a Beijing office in 2013 and provided services to seven Chinese films last year.