Exxe Group Inc. is taking over Festivals and Live Events Holding as part of the diversified corporation's plan to expand into Hong Kong, China and the wider Asia-Pacific region.

The deal includes the US$5.0 million target's China Mainland Film Festival Co. subsidiary, which markets and operates the European Union Film Festival in China, as well as 16 festival venues, branded events and commercial cinemas, including a 1,800-seat auditorium, according to a company release.

Completion of the conditional transaction is subject to the expected completion within 10 days of a due diligence process, the company added.