It is now official: Altice purchased Media Capital for 440 million euros

  • ECO News
  • 14 July 2017

The purchase was disclosed to the Portuguese and Spanish market regulators. Meo made a preliminary announcement of a tender offer of Media Capital (owner of TVI); it will pay 2.5546 euros per share.

It is now official: Altice purchased Prisa’s equity in Media Capital for 440 million euros. The announcement was made by Prisa, in a press release sent first to CNVM, the Spanish market regulator. The acquisition is made through Meo, which has also sent a note to the Portuguese regulator CMVM, stating they made a general and mandatory tender offer for the shares of the Media Capital group, owner of TVI.

“Afterwards, the parties have executed a share purchase agreement by means of which Prisa will transfer to MEO – Serviços de Comunicaçao e Multimédia, S.A., Altice’s affiliate, its entire stake in Media Capital, which represents 94.69% of its share capital”, was stated in the note sent to the Spanish regulator.

In the preliminary announcement of the tender offer sent to CMVM, Meo discloses the consideration is 2.5546 euros per share. This amount will include the overall price of over 84 million shares, whose nominal value is 1.06 euros, representative of Media Capital’s capital. The price means the offer can be assessed in 11.5 million euros.

The consideration will be revised upwards in an amount correspondent to the positive difference, if any, between the final adjusted price per share under the Media Capital Group (SPA), calculated with reference to the SPA closing date, and the consideration set forth in this Preliminary Announcement”, Meo states in their announcement.

Meo’s note further discloses the operation must be authorized by the Portuguese and Spanish authorities and market regulators. “Acceptance of the Offer by its addressees is subject to compliance with the respective legal and regulatory requirements, including those set forth under foreign legal frameworks to which the addressees of the Offer are bound”, Meo states. As for Altice, both banks and creditors also have to authorize the operation.

In the document disclosed in CMVM, the company headed by Paulo Neves further explains that Altice is committed to maintaining expanding Media Capital’s operation in Portugal. They aim to invest in making a digital expansion, develop new channels and improving the scope of their existing channels — for example, of TVI24.

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