(Alliance News) - Mondo TV Spa on Friday announced that the purchase by Squirrel Media of the company's entire 74 percent stake in Mondo TV Studios has been finalized.

As a result of this transaction, Mondo TV officially becomes a minority shareholder in the Spanish group.

The transfer of Mondo Tv Studios shares took place with simultaneous receipt by Mondo Tv of newly issued Squirrel Media shares.

At the same time, all minority shareholders of Mondo Tv Studios who exercised the option received in exchange Squirrel media shares or the cash consideration according to the instructions given; the new Squirrel shares are scheduled to be listed on Wednesday, September 13.

"Said transaction, in addition to the opening of possible new synergies and business scenarios, already produces as of June 30 an immediate improvement in the consolidated NFP of just under EUR4 million and will produce at current market prices in the group's third quarter consolidated financial statements a capital gain to date estimated at just under EUR3 million," the company explained in a note.

Mondo TV trades in the green by 1.1 percent at EUR0.40 per share.

By Claudia Cavaliere, Alliance News reporter

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