Ringier Axel Springer Media AG, a 50/50-joint venture of Axel Springer AG (AXELF.PK) and Swiss Ringier AG, said it entered into an agreement with Polish media company TVN S.A. regarding the indirect acquisition of 75% of the shares in Polish Onet.pl S.A. The purchase price amounts to PLN 956.25 million, or approximately 217.5 million euros. The underlying value of the transaction therefore amounts to PLN 1.28 billion.
Onet.pl is a 100% subsidiary of TVN S.A.
For the implementation of the deal, Ringier Axel Springer Media will set up a holding company under Polish law which will acquire 100% of the shares in Onet.pl S.A. TVN S.A. will hold a 25% interest in this holding company. As regards the remaining 25% of the shares which will stay with TVN S.A., reciprocal call and put options have been agreed upon. The purchase price relating to the options will be calculated based on the future results of Onet.pl S.A.
The deal is intended to be consummated on January 1, 2013.
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