3D cinema technology specialist RealD is being bought by private equity company Rizvi Traverse Management for $551 million (€513m). The transaction has been approved by the RealD board and upon completion the business will become a privately-held firm.

RealD’s 3D projection technology is in some 27,000 screens globally.

RealD chairman and CEO Michael Lewis said in a statement: “I am excited about the future of RealD, where in partnership with Rizvi Traverse, we can continue to maximise the value inherent in RealD’s cinema platform and leading IP portfolio. As a private company, RealD will have the flexibility and resources to further invest in our continued cinema leadership and visual technology innovation.”

The deal is expected to close in early 2016.

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