PPF to acquire CETV for $2.1B

• An affiliate of PPF Group N.V. has agreed to acquire Central European Media Enterprises for $2.1B in cash ($4.58/share), a slight discount from Friday's close of $4.65, but up ~32% from its price in March when it announced that it planned to explore shareholder value-boosting strategic alternatives.
• The deal should be completed by mid-2020.
• Investor AT&T will receive ~$1.1B in cash at closing for its stake and will also be relieved of a $575M debt guarantee.

Comments

[Basit Saliu]

GO T!

[bgasser]

T isnt paying down debt with retained earnings, but by selling assets. Sellings assets may hurt its cash flow and profitability.

[vorinski]

This was Warner investment, probably not most profitable one, PPF will do better as local private capital. Beside that price is 5 year peak, I would said it is at least fair price.

[Scott.dam]

Sounds good, was this investment accretive? I'm worried about earnings this quarter, but they are sure pushing some buttons lately.

[sstefanick58]

Pay down more debt, $50 here we come.

[Basit Saliu]

👍

[siestadreamer]

Management continues to monetize non-core assets, as promised.

[Dividend Dojo]

T delivers again! Go T!

[Stefan Redlich]

Nice, more cash in the bank!