Imagi International is on the move again, acquiring Chinese company Toon Express Group and its Pleasant Goat and Big Big Wolf property, reports Variety.
The $130 million deal will see an up-front cash payment of $105 million, with the rest of the purchase price covered by consolidation shares. Variety reports $30 million more will come from promissory notes dependent on Toon Express’ performance over the next two years.
The move comes after the Hong Kong-based Imagi underwent a major restructuring after its CG-animated Astro Boy feature flopped. Key to Imagi’s interest in Toon Express is its key commercial agreements with Creative Power Entertaining and Disney Enterprises.
The Pleasant Goat series has been a hit on TV and in features in mainland China, with its three features earning an estimated $54 million to date.