Japanese camera giant Nikon said Thursday it has agreed to wholly acquire high-end U.S. movie camera manufacturer RED Digital Cinema, a favorite in Hollywood productions for its image quality.

The acquisition of RED promises to propel the Japanese firm into the world of cinema and comes less than a year after the dismissal of a lawsuit filed by RED against Nikon over alleged patent infringement.

Lauded for an array of "industry-defining" products tailored for the highest level of filmmaking, "RED has been at the forefront of digital cinema cameras" since it was founded in 2005, Nikon said in a statement released Thursday.

"RED's contributions to the film industry have not only earned it an Academy Award but have also made it the camera of choice for numerous Hollywood productions," it added.

Nikon said the acquisition would allow the companies to develop "distinctive products in the professional digital cinema camera market."

The deal reflects the desire of both companies to "offer exceptional user experiences" built on a synergy of Nikon's reliability and RED's cinematography expertise.

Together, Nikon and RED are poised to "continue to push the boundaries of what is possible in film and video production," the Japanese company said.