Quebec’s TVA Group has signed an agreement to acquire Montreal-based Vision Globale‘s assets for approximately $118 million, the company announced Thursday.

Subject to approval from the Competition Bureau, the deal will see Vision Globale’s operations folded into TVA Group, which is a subsidiary of Quebecor Media.

Vision Globale offers a variety of services for film and television production, including post-production, VFX and animation services, and soundstage and equipment leasing. Among the assets to be acquired by TVA Group in the deal include La Cité Du Cinéma studio, where the next X-Men installment is set to be shot in 2015, and Studios Melrose in Saint-Hubert.

“The purpose of this asset acquisition is to invest in growth sectors that are a good fit with TVA Group’s current activities, with the effect of diversifying our sources of revenues which are currently largely dependent on our conventional television network’s advertising,” said Pierre Dion, president and CEO of Quebecor and Quebecor Media in a statement. 

“We began this shift several years ago when we moved our magazines to TVA Group’s product portfolio and continued it more recently with the launch of our specialty channels, notably TVA Sports. With this transaction, we are keeping assets and expertise right here in Quebec, which should benefit not only our economy but also the people who work in film and television.”

The transaction was financed by a $75 million bridge loan from Quebecor Media. The balance will be financed through TVA Group’s cash-on-hand and credit facilities. The terms and conditions of the three-month bridge loan were approved by the TVA Group’s directors, and is renewable for three more months at the TVA Group’s option.