Oscar-Winning VFX Company Cancels $1.7B SPAC Merger

By Elaine Briseño (June 16, 2022, 3:31 PM EDT) -- DNEG, a visual effects and animation company with multiple Academy Awards, is abandoning plans to merge with blank-check company Sports Ventures Acquisitions Corp., in part because of unfavorable market conditions, according to a statement released Thursday.

The deal, announced Jan. 25, would have taken DNEG public and created a company valued at approximately $1.7 billion. Sport Ventures is a special purpose acquisition company that went public in January 2021, raising $230 million with its initial public offering, according to a statement from the time.

DNEG chairman and CEO Namit Malhotra said in Thursday's statement that the two companies had worked well...

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