Cofina, SGPS, S.A. cancelled the acquisition of 5.31% stake in Grupo Media Capital, SGPS, S.A..
September 20, 2020
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Cofina, SGPS, S.A. (ENXTLS:CFN) made a takeover offer to acquire 5.31% stake in Grupo Media Capital, SGPS, S.A. (ENXTLS:MCP) for 10.5 million on September 21, 2019. Cofina, SGPS, S.A. will acquire the shares at a price of 2.33 per share. In addition to this purchase price, Cofina will assume the debt of Grupo Media Capital, which represents the total value of the business of the group. In a related transaction, Cofina, SGPS, S.A. agreed to acquire 94.69% stake in Grupo Media Capital, SGPS, S.A. from Vertix SGPS, S.A. for approximately 170 million on September 21, 2019. A capital increase of 85 million is realized to finance the operation. The conclusion of the acquisition process of Vertix and, indirectly, of 94.69% of the share capital and voting rights of Média Capital is subjected to the verification of a set of suspensive conditions, namely the non-opposition of Portuguese Competition Authority. In this scope, it was given, on October 31, 2019 a favourable opinion from Portuguese Regulatory Authority for the Media (ERC - Entidade Reguladora para a Comunicação Social) and from Autoridade Nacional de Comunicações (ANACOM) for the acquisition of Média Capital by Cofina. Banco Santander Totta, S.A. acted as financial advisor for Grupo Media Capital, SGPS, S.A.
Cofina, SGPS, S.A. (ENXTLS:CFN) cancelled the acquisition of 5.31% stake in Grupo Media Capital, SGPS, S.A. (ENXTLS:MCP) on September 21, 2020.
Cofina, SGPS, S.A. specializes in the publishing of newspapers and magazines in the areas of economics (Jornal de Negócios), sports (Record), general culture (Correio da Manhà, Sábado), IT (PC Guia, Semana Informatica) and other (Maxima, Vogue, Automotor, TV Guia, Rotas & Destinos, etc.). Net sales break down by activity as follows:
- publishing of newspapers and magazines (73.3%);
- operation of TV channels (26.7%): owned the channel cmTV.
Net sales break down by source of income into sales of newspapers and magazines (38.9%), sales of advertising spaces (37%) and other (24.1%).