PRG chairman & CEO Jeremiah J. Harris and Lucas Covers, the group CEO of XL Video jointly made the announcement yesterday (6 May).
The transaction is expected to close before the end of the second quarter subject to customary closing conditions.
Like PRG, XL Video supports creative designers and producers with full technical support in putting together video solutions.
PRG said the acquisition expands its access to the wide range of creative video technology and services that they already enjoy.
“By combining XL Video with PRG, we are creating a tremendously valuable resource for event and entertainment producers anywhere in the world”, said PRG’s Harris. “The integrated company will be able to offer an exceptional breadth of production technologies and depth of industry expertise.”
Upon completion, XL Video’s worldwide locations will become part of PRG’s network of over 40 locations in key cities around the world.
“As XL Video, we have worked on some of the largest and highest profile concert tours, television shows, automotive and corporate events around the globe,” commented Covers. “We have established a client base that has become more sophisticated in their expectations of the standard of video production. As part of PRG, we will continue to exceed their expectations and raise the bar on video production.”
Stephan Paridaen, PRG’s Global President and Chief Operating Officer, concluded: “PRG and XL Video are extremely well positioned to provide a multi-disciplined, integrated solution. Making the XL Video team part of the PRG family, will be extremely beneficial to our clients and this has been our top priority from the start.”