Chinese copper manufacturing company Anhui Xinke New Materials has backed out of the acquisition of Voltage Pictures, according to multiple media reports.
The company instead plans to acquire a 29.9 percent stake in Hong Kong-based Pegasus Entertainment for $25 million, according to Reuters. Multiple media reports claim that Xinke, in a regulatory filing to the Shanghai Stock Exchange on Wednesday, said that Voltage Owner Midnight Investments had failed to supply necessary documentation required by Chinese regulators.
Xinke said it had sought information from Voltage founder Nicolas Chartier and his mother on three separate occasions and therefore were aborting the deal. Chartier’s 11-year-old Voltage has produced more than 150 feature films, including Oscar winners “The Hurt Locker” and “Dallas Buyers Club.”
Last month, Xinke announced it would acquire Midnight Investments for roughly $350 million.
Xinke, which is best known for its work in copper processing and electric wires and cables, recently launched a new subsidiary to acquire media assets — the latest Chinese outfit to set its sights (and considerable wealth) on Hollywood.
The company said the acquisition would enable it to expand its presence in the domestic and international film business, according to Reuters.
Voltage and Pegasus have not yet responded to TheWrap’s request for comment.