ProSiebenSat.1 sells TV and print operations in the Netherlands and Belgium to international media consortium
Munich, April 20, 2011. The
ProSiebenSat.1 Group has agreed to sell its TV and
print operations in the Netherlands and its TV business in Belgium
to a consortium consisting of leading international media groups.
The consortium comprises Sanoma Corporation and Talpa Holding N.V.
for the Netherlands, and Sanoma Corporation, Corelio N.V. and
Waterman & Waterman CVA for Belgium. The respective share
purchase agreements were signed today. The production business of
the ProSiebenSat.1 Group in the Netherlands and Belgium is not
included in the transaction and will remain part of ProSiebenSat.1
Group. The transaction relating to the Netherlands is subject to
merger clearance.
The total enterprise value underlying both transactions is Euro
1.225 billion. This represents a multiple of 10.6 times for all
assets, based on a full-year 2010 adjusted EBITDA of Euro 115
million for these operations.
Thomas Ebeling, CEO of ProSiebenSat.1 Media AG: "The transaction
value for the assets in Belgium and the Netherlands represents a
significant strategic premium on our Group trading multiple. This
valuation upside benefits both the company and our stakeholders. We
have now successfully completed this strategic review."
At the end of 2010, ProSiebenSat.1 reported a financial leverage
of 3.3 times net debt to recurring EBITDA. Thomas Ebeling: "The
transactions will significantly reduce net financial debt and
leverage of our company. Management is committed to reducing
leverage even further. We are therefore targeting a new short- to
mid-term leverage of 1.5 to 2.5 times net debt to recurring EBITDA
for the company."
The sale of operations in Belgium and the Netherlands is the
result of a comprehensive strategic review conducted by
ProSiebenSat.1 in its Belgian, Dutch and Nordic markets. The Nordic
businesses remain portfolio assets of the Group. This strategic
review is now completed.
Thomas Ebeling: "The Nordic markets continue to be attractive
assets for our Group. Due to their dynamic growth in advertising
and in carriage fees, they are a valuable cornerstone of our
revenue diversification strategy."
ProSiebenSat.1 will report its Q1 2011 results on May 5,
2011.
Contact:
Julian Geist
Group Spokesperson
ProSiebenSat.1 Media AG
Medienallee 7
D-85774 Unterföhring
Tel. +49 [89] 95 07-11 51
Fax +49 [89] 95 07-911 51
E-Mail:
Julian.Geist@ProSiebenSat1.com
Katrin Schneider
Corporate Communication
ProSiebenSat.1 Media AG
Medienallee 7
D-85774 Unterföhring
Tel. +49 [89] 95 07-11 64
Fax +49 [89] 95 07-911 64
E-Mail:
Katrin.Schneider@ProSiebenSat1.com
Press release online:
www.ProSiebenSat1.com