China's Fundamental Films has agreed to acquire 27.9 percent stake in Luc Besson's EuropaCorp for $67 million, the company announced on Thursday.

"The capital increase will enhance EuropaCorp's ability to produce and distribute English-language films and series worldwide," Besson said in a statement. "We're delighted to strengthen our strong ties with Fundamental Film and the booming Chinese market."

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The move will make the Shanghai-based film production company the second largest shareholder in EuropaCorp, with Besson's holding firm Front Line still the top shareholder with 31.58 percent stake, down from 43.8 percent, the Deadline reported.

"We are delighted to become the second-largest shareholder in EuropaCorp and strengthen our relationship with Luc Besson's studio. We are extremely confident in their ability to achieve its strategic goals and enthusiastic about the opportunity to work with it in this new phase of its development," Mark Gao, chairman of Fundamental Films, said.

The agreement builds upon the output deal first signed in 2012 and was extended in 2015, according to The Hollywood Reporter. The deal produced hit movies including Lucy and Taken. They have also co-produced several titles including Transporter trilogy reboot. Furthermore, Fundamental also recently took a big equity stake in Besson's upcoming mega production Valerian and the City of a Thousand Planets.

The agreement between EuropaCorp and Fundamental Films has already received approval from both boards in a series of meetings on Sept. 28 and 29, and a shareholder vote is expected before the year ends, Yahoo! Movies reported.

EuropaCorp will release 11.43 million shares in the deal, valued at $5.83. The company is expected to remain open for public trading following the deal, which is still subject for regulatory approval.

TagsFundamental Films, EuropaCorp, Luc Besson, Movies, Chinese movie market, Acquisition