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STX has nabbed worldwide rights to “Greenland: Migration,” a sequel to the 2020 disaster film starring Gerard Butler.

In the biggest deal yet at this year’s Cannes Film Festival, STX shelled out $25 million to roll out the film in the U.S. and Canada and paid another $50 million for international territories. In line with STX’s distribution model, the sequel is being pre-sold to buyers in foreign markets to offset the massive $75 million price tag.

STX distributed the first film, which skipped theaters in the U.S. and debuted directly on premium video-on-demand platforms. The company didn’t disclose rental sales, so it’s unclear how many people watched “Greenland” at home. Outside of North America, “Greenland” played on the big screen in more than 26 countries and collected $52 million at the international box office.

Ric Roman Waugh is returning to direct the follow-up to “Greenland,” with screenwriter Chris Sparling on board to write the script. Butler is reprising his role alongside co-star Morena Baccarin of “Deadpool” and “Homeland” fame. In the first film, Butler and Baccarin portrayed an estranged couple making a dangerous journey with their young son as a global apocalypse threatens life as they know it. The sequel is a continuation of the original story and sees the Garrity family as they leave the safety of their Greenland bunker and attempt to traverse the decimated frozen wasteland of Europe to find a new home.

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European financier Anton, Basil Iwanyk’s Thunder Road Pictures and Gerard Butler and Alan Siegel’s G-BASE are producing “Greenland: Migration.” Anton, who is fully financing the film, oversaw the international deal and co-repped the U.S. rights with CAA Media Finance at the Virtual Cannes Market. The movie is expected to begin production in 2022.

“STX and their partners did an incredible job of launching the film worldwide last year and we are thrilled the sequel will return ‘home’ for the exciting next chapter of this must-see adventure,” Anton’s CEO Sebastien Raybaud said in a statement.

STX’s Motion Picture Group chairman Adam Fogelson adds, “Gerry, Morena, Ric, Basil and Alan were fantastic partners on the first film, and we look forward to building on the success and momentum as we work together with Anton to deliver another effects based spectacle driven by great characters and performances. What comes next for the Garrity Family is even more thrilling.”

Deadline Hollywood first reported news of the sale to STX.