The Board of Directors of Technicolor SA (ENXTPA:TCH) proposed to spin off 65% stake of Technicolor Creative Studios on February 24, 2022. Post completion, Technicolor SA will retain 35% stake in Technicolor Creative Studios and it will list on Euronext Paris. Technicolor Creative Studios will have a Board of Directors and a management team independent from Technicolor Ex-Technicolor Creative Studios. Technicolor Creative Studios will be head quartered in Paris, France. Technicolor Creative Studios revenues amounted to €629 million in 202 and adjusted EBITDA amounted to €113 million. Technicolor SA intends to change its corporate name to VANTIVA as part of a proposed spin-off. Technicolor has finalized the closing of the financing packages for Technicolor Creative Studios, a new €624 million floating rate private First Lien Term Facility. This facility is composed of two tranches: a €564 million tranche and a $60 million tranche. Maturity for both tranches will be 4 years. In addition, the Group finalized a €40 million Revolving Credit Facility with a maturity of 3 years. As of September 23, 2022, Technicolor SA announced that Technicolor Creative Studios will result in the admission of TCS shares on Euronext Paris on September 27. Transaction is also subject to regulatory approval. The spin-off resolutions will be submitted to the Company's Annual and Extraordinary Shareholders Meeting that it is anticipated will be convened in late June 2022. The Board of Directors of Technicolor SA has approved the transaction. As of September 22, 2022, Technicolor SA announced that its Board of Directors formally launched the distribution of 65% of Technicolor Creative Studios shares following the fulfilment of all conditions precedent to the Distribution. This decision also triggered the automatic conversion of the Mandatory Convertible Notes (“MCN”) issued by Technicolor on September 15, 2022 into Technicolor shares which will be entitled to the Distribution in Kind. Technicolor SA will request the admission of the TCS shares on Euronext Paris Completion is expected in third quarter of 2022. The admission of the TCS shares to trading on the regulated market of Euronext in Paris under the ticker symbol TCHCS and the ex-date of the Distribution in Kind will take place on September 27, 2022. The Goldman Sachs Group, Inc. (NYSE:GS), Morgan Stanley (NYSE:MS), Rothschild & Co SCA (ENXTPA:ROTH) and d'Angelin & Co. acted as financial advisors to Technicolor SA while Bredin Prat & Associes and Kirkland & Ellis LLP provided legal advise to Technicolor SA. Gide Loyrette Nouel LLP acting as legal advisor to Technicolor Board of Directors. Anne-Sophie Noury and Yannick Piette of Weil, Gotshal & Manges LLP, Paris acted as legal advisors to Bpifrance Participations SA, shareholder of Vantiva S.A.

Technicolor SA (ENXTPA:TCH) completed the spin off of 65% stake of Technicolor Creative Studios on September 27, 2022. Technicolor SA has changed its corporate name to VANTIVA and listing of Technicolor Creative on Euronext Paris, under the ticker symbol TCHCS is completed on September 27, 2022.