Mediacinco Cartera SL, Cyrte Fund II B.V. and GS Capital Partners VI, L.P., have entered in a definitive agreement with Telefonica for the purchase of the 99.7% of Endemol Investment Holding BV, company that owns 75% of the listing company Endemol NV.
The total consideration of the transaction amounts to 2,629 million euros after taking account of the different assets and liabilities of Endemol Holdings and its subsidiaries, including Endemol NV. This implies a cum dividend price per share of Endemol NV of 25 euros.
As part of the agreement, the acquirers have committed to launch, as soon as practicable after closing, an unconditional public offer for the remaining 25% of Endemol NV at a price, at least, equal to 25 euros per share, cum dividend.
On the basis of the transaction structure, Mediaset and Tele5 will invest a maximum of about 486 million euros, through the investment vehicle Mediacinco Cartera SL, in which the two shareholders will have a 25% and 75% stake respectively.
The acquirers have been advised in the transaction by Mediobanca and Goldman Sachs International.
Endemol was founded in 1994 by a merger of television production companies owned by Joop van den Ende and John de Mol, the name deriving from the combination of their surnames. Its biggest success has been the Big Brother "reality television" show, with versions in many countries after the initial Dutch version. They specialise in inexpensive programming that is appealing to television executives in the modern multi-channel world, and other Endemol programmes in this vein include Changing Rooms, Ready Steady Cook, Deal or No Deal, Ground Force, International King of Sports, Space Cadets and Fear Factor.
Source:
Mediaset
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