Altice NV : Altice Enters into an Agreement to Acquire Leading Portuguese Media Group Media Capital
July 13 2017 - 11:10PM
Altice Enters into
an Agreement to Acquire
Leading Portuguese Media Group Media
Capital
July 14, 2017
- Altice N.V. (Euronext: ATC, ATCB) ("Altice") announces today that
it has entered into a definitive agreement with Promotora de
Informaciones, S.A ("Prisa") to acquire Prisa's 94.7% stake in
Media Capital SGPS, SA ("Media Capital").
Media Capital is a leading
Portuguese media group with audience leadership positions in both
TV and radio. Media Capital, which also owns the largest Portuguese
content producer Plural, reported in 2016 revenue of €174.0 million
and EBITDA of €41.5 million.
The acquisition of Media Capital
forms part of Altice's global convergence strategy and follows its
path in France, the United States and Israel. Altice is
committed to continuing Media Capital's open platform in the
Portuguese market while ensuring its success in a rapidly evolving
media and digital landscape with new challenges and
opportunities:
-
Invest into digital expansion
-
Develop new TV channels and formats
-
Launch new, innovative services
-
Accelerate investments into Portuguese
content
-
Enhance reach of key channels, e.g. TVI24
-
Use Plural as the global content production
hub
-
Export Portuguese content to other Altice
territories, especially to France and to the US
Altice wants to deliver more
content to all Portuguese consumers in a digital world and as such
offer more choice focused on local production and formats.
The integrity and editorial independence of Media Capital will
serve as a guiding principle, as is the case for all of Altice's
global media businesses.
The acquisition underscores Altice
strong commitment to Portugal, which already serves as the global
technology hub for Altice Labs. Importantly, it will significantly
strengthen Portugal's media sector, which continues to see
increasing international competition, particularly from global
Internet operators.
The acquisition values Media
Capital at an enterprise value of €440 million, subject to
customary debt, debt-like and working capital adjustments, and is
expected to be immediately accretive to Altice's operating free
cash flow before taking into account any benefits of the
transaction. Closing of the acquisition is subject to
customary closing conditions including approval by Prisa
shareholders and regulatory approval.
In accordance with Portuguese
securities law, Altice has announced on the date hereof the
launching of a mandatory takeover offer for the remaining 5.3% of
Media Capital which is not owned by Prisa. Following the
consummation of the mandatory takeover offer, Altice intends to
delist Media Capital from Euronext Lisbon.
-------
Michel Combes, CEO of Altice,
said: "We are extremely excited about the
acquisition of Media Capital. It is a unique opportunity to
invest more capital in a market which has been our home for many
years. We want to capture the many growth opportunities Media
Capital offers not just in Portugal but also internationally based
on an ambitious agenda focused on more digital, more content and
more innovation. This strategy will bring benefits to all
Portuguese media consumers while strengthening the Portuguese media
landscape in the context of an increasingly global
competition."
Press conference on Friday, July 14 at 10:45 AM (Lisbon
Time)
in Hotel Altis Castilho, Rua
Castilho 11, Lisbon
Contacts
Chief Investor Relations Officer Altice
NV
Nick Brown: +41 79 720 15 03 / nick.brown@altice.net
Chief Communications Officer Altice NV
Arthur Dreyfuss: +41 79 946 49 31 / arthur.dreyfuss@altice.net
About
Altice
Founded in 2001 by entrepreneur
Patrick Drahi, Altice is a convergent global leader in telecom,
content, media, entertainment and advertising. Altice delivers
innovative, customer-centric products and solutions that connect
and unlock the limitless potential of its over 50 million customers
over fiber networks and mobile broadband. The company enables
millions of people to live out their passions by providing original
content, high-quality and compelling TV shows, and international,
national and local news channels. Altice delivers live broadcast
premium sports events and enables millions of customers to enjoy
the most well-known media and entertainment. Altice innovates with
technology in its Altice labs across the world. Altice links
leading brands to audiences through premium advertising solutions.
Altice is also a global provider of enterprise digital solutions to
millions of business customers. Altice is present in 10 territories
from New York to Paris, from Tel Aviv to Lisbon, from Santo Domingo
to Geneva, from Amsterdam to Dallas. Altice (ATC & ATCB) is
listed on Euronext Amsterdam.
Altice Media Capital
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Altice NV via Globenewswire
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