The company will no longer go public due to the “headwinds in the SPAC marketplace and general market volatility.”
Novator, which is led by Icelandic billionaire Thor Björgólfsson, will own a 15% stake in DNEG.
The company says this must be done in order to retain jobs amid the crisis. Union representatives are worried about the long-term implications.
The vfx and animation company employs nearly 7,000 people worldwide.