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» Polsat Grabs a Controlling Stake in Eleven Sports Poland
2018-05-30
source own
Polsat Grabs a Controlling Stake in Eleven Sports Poland
2018-05-30
source own
The Polish Media Company and Telco Cyfrowy Polsat has acquired a major stake in the Sports broadcaster Eleven Sports Polish operation.The deal which gave Polsat 50% plus one share in Eleven Sports Poland was valued at €38m ($44.5m); the company confirmed the deal in a statement it released. The deal represents a long-term strategic investment, the representatives from Polsat confirmed in a statement.Polsat made the deal the Aser, the parent company of Eleven Sports whose business interests span over different territories. Aser is the investment vehicle of Andrea Radrizzani, the co-founder of MP & Silva agency and he is the owner of the English Championship football club Leeds United. It was however clarified that none of Eleven’s other international operations had been affected by the deal.According to the agreement, installment payment of €18 million will be transferred two days after the deal is signed and the remaining €20 will be paid within four months after the first payment in line with the net debt. By 2020, if the value of the sports broadcaster exceeds the current market value of €80m, Polsat will be required to pay an additional 25% of the excess value above the benchmark figure.
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