Entertainment One Ltd. announced plans Friday to acquire Alliance Films, a leading independent film distributor in Canada, Britain and Spain, for approximately $225 million.

Completion of the transaction would establish eOne as the largest independent film distributor in both the Canadian and U.K. markets.

Alliance Films is one of the top five independent filmed entertainment companies in the world and is a leading multinational distributor, co-financier and film producer.

Its member companies include Alliance Films and Alliance Vivafilm (Canada); Momentum Pictures (UK) and Aurum Producciones (Spain).

Entertainment One Ltd., specializes in the acquisition, production and distribution of film and television content in Canada, the U.S. and several other countries.

Alliance Films has several films being showcased this week at the Toronto International Film Festival including opening night film, "Looper."

Other Alliance films at the festival include "Place Beyond the Pines," "Hyde Park on the Hudson," "Dredd," "Anna Karenina," "Seven Psychopaths" and others.

eOne has released 152 films this year including "The Twilight Saga: Breaking Dawn - Part 1," "We Need to Talk About Kevin" and "Tinker, Tailor, Soldier, Spy."

Entertainment One is also a leading independent television production studio in Canada. It delivered 237 half hours of original television in various genres in its last fiscal year.

Completion of the acquisition is conditional on approval from the Canadian Competition Bureau.