HURRY convenes extraordinary general meeting to approve the sale of Media Capital

Prisa, group editor of THE NATION, has called a special shareholders meeting for the 29th of January in the first call, according to has informed today the comp

HURRY convenes extraordinary general meeting to approve the sale of Media Capital

Prisa, group editor of THE NATION, has called a special shareholders meeting for the 29th of January in the first call, according to has informed today the company to the National Commission of the Market of Values (CNMV). The agenda includes two points: the ratification of the appointment of Maria Teresa Ballester as an advisor to the group, with an independent character. In addition, shareholders will be given the green light to the sale of Vertix SGPS, a company that controls the 94,69% of the shares of the audiovisual group of Portuguese Media Capital.

The sale of Media Capital was agreed in September with the Portuguese group Cofina. The conditions final were reviewed last Monday, when it agreed a price of total 123.3 million euros for the totality of the participation of a HURRY, Vertix, on the basis of an enterprise value (including debt) of 205 million euros.

The deal is still pending the authorization of the regulators, who have already expressed their preliminary decision of non-opposition to the operation, pending its final decision. It also requires the obtaining of a waiver of certain creditors of the group, as well as the approval of the board. Prisa expects to close the transaction in the first quarter. The operation will mean a loss in accounting estimate of approximately 54.3 million euros in additional to the reflected in the accounts of PRISA as of September 30 last. The parties expect that the transaction will close in the first quarter of 2020.

The funds generated by the operation will go to pay off debt quickly, accelerating the plan of deleveraging of the society.

Media Capital is the largest group of the media sector in Portugal. Founded in 1992, is the owner of TVI, which, with its channel TVI, TVI 24, TVI Fiction, TVI, Reality show, TVI, Africa and TVI International, reaches 10 million speakers of Portuguese around the world.

The group includes MCR, the radio leader in Portugal, which covers Radio Comercial, M80, Cidade, SmoothFM and Vodaforne FM, as well as 14 digital radios. It also has Media Capital Digital, with more than 390 million visits to web sites of the group, and 8 million followers on social networks, including IOL and TVI Player.

Media Capital is, in addition, the owner of Plural Entertainment, one of the largest producers in iberian audiovisual content (winner of two Emmy awards), as well as of EMAV (a company of technical services and recording) and EPC (construction company and rental scenarios), both with a presence in the european market.

Updated Date: 27 December 2019, 11:00

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