Netflix is acquiring Australian animation studio Animal Logic, which is producing films for the streamer including “The Magician’s Elephant,” directed by Wendy Rogers, and “The Shrinking of the Treehorns,”  directed by Ron Howard, Variety reports.

Animal Logic co-founded by Zareh Nalbandian has about 800 employees, mostly based in Sydney and Vancouver. The acquisition “will help us accelerate the development of our animation production capabilities and reinforces our commitment to build a world-class animation studio,” Netflix said in its Q2 letter to shareholders.

The company did not disclose the purchase price for Animal Logic but said it will fund the acquisition from cash on hand. Netflix expects to close the later this year, subject to certain regulatory approvals.

“Together, we’ll create an animation studio that will produce some of our largest animated feature films,” Netflix said in the shareholder letter.

Founded in 1991, Animal Logic’s film work has included The Lego movies, the two “Peter Rabbit” films, “Legend of the Guardians: The Owls of Ga’Hoole” and “Happy Feet.” The studio also has produced visual effects for movies including “The Matrix,” “Moulin Rouge!”, “300” and “The Great Gatsby” and “Captain Marvel.”

Netflix said Animal Logic, led by CEO and co-founder Zareh Nalbandian, will continue operating under the Animal Logic brand and will “fulfill production of existing and ongoing commitments and continue to collaborate and work with longstanding studio partners.” 

Nalbandian said in a statement provided by Netflix, “After 30 years of producing great work with great people, this is the perfect next chapter for Animal Logic. Our values and aspirations could not be more aligned with Netflix, in working with diverse content makers, producing innovative and engaging stories for audiences around the world. Our collective experience and talent will open new doors for all our teams and will empower a new level of creativity in animation.”