Shanghai group to buy into Harry Potter studio

A Chinese company is close to completing a deal for a 75 percent stake in an Oscar-winning British special effects company, which worked on films such as Doctor Strange and the Harry Potter franchise.

London－based firm Framestore, which also worked on Superman Returns and Gravity, has agreed a deal with Cultural Investment Holdings Co that values the UK business at 150 million pounds, according to its founder.

Sir William Sargent told China Daily that partnering with CIH was a very exciting prospect.

"The world is very much evolving and that's why we looked east for our next partner," he said.

Sir William will retain a 10 percent stake in the company.

He explained that Framestore was more than a special effects company for feature films. It was also involved in theme park design, including one project underway in China.