US streaming giant Netflix plans to acquire Animal Logic, the Australian animation studio behind hit movies like happy feet, The LEGO movies and Peter Rabbit.

The terms of the deal have not been disclosed.

animal logic CEO and co-founder Zareh Nalbandian was a recent keynote speaker at the City of Sydney’s Visiting Entrepreneur program, headlining the closing event.

nalbandian said: the Animal Logic teams and leadership will continue to operate under the Animal Logic brand and will honor existing and ongoing production commitments and continue to collaborate and work with long-standing studio partners.

“After 30 years of producing great work with great people, this is the perfect next chapter for Animal Logic,” he said.

“Our values ​​and aspirations couldn’t be more aligned with Netflix, partnering with diverse content creators to produce innovative and compelling stories for audiences around the world. Our collective experience and talent will open new doors for all our teams and enable a new level of creativity in animation.”

Netflix said the proposed acquisition, which is subject to regulatory approvals and, if approved, will be completed by the end of 2022, will support her animation film ambitions.

Vice President of Studio Operations Amy Reinhard said the announcement builds on an already strong partnership, with Animal Logic working on the recent release The Wizard’s Elephantand upcoming Shrinking the tree hornsdirected by Ron Howard.

“Netflix has invested in animation in recent years and this reinforces our commitment to build a world-class animation studio,” she said.

“Animal Logic is a leading animation studio with innovative technology that will strengthen our existing business and increase our long-term capability in the animation space so we can better entertain our members around the world.”

It is envisioned that the combined companies will create a global creative production team and animation studio that will produce some of Netflix’s largest animated film titles.

The Australian technology company is headquartered in Sydney with a second studio in Vancouver, Canada, founded in 2015.The film credits include: visual effects work including: The Matrix, Moulin Rouge!, 300and The Great Gatsby.

Sharon Taylor, COO of Animal Logic, said: “Strengthening our future together felt like a mutually beneficial, natural progression and I am so excited to continue building our success together.”

Animal Logic Entertainment, the producers behind Legend of the Guardians: The Owls of Ga’hoole, Peter Rabbit 1 & 2 and Shrinking the tree hornswill remain independent and continue to work with filmmakers and major studio partners to develop and produce family entertainment films.

Last September, Netflix acquired the Roald Dahl Story Company. New Zealand director Taika Waititi is working on a series based on Charlie and the Chocolate Factorywhile an adaptation of Tim Michin’s Matilda The Musical is also on the drawing board.