(Finance) – The shareholders’ meeting of the company Squirrel Media has given the go-ahead for the acquisition of the entire stake held by TV world in World TV Studiosequal to about 75%.
As a result of this transaction, Mondo TV becomes a minority shareholder of the Spanish group upon completion of the transaction expected in July.
The shareholders’ meeting – reads a note – has in fact resolved, following the positive overcoming of the conditions precedent set in the letter of intent signed in April (successful outcome of the due diligence and approval of the delisting of Mondo TV Studios from BME Growth), L’capital increase by contribution in kind consisting of the shares of Mondo TV Studios shareholders who have expressed their willingness to exchange their shares with those of Squirrel; the Spanish company reiterated its intention to acquire up to 100% of the capital of Mondo TV Studios.
The valuation taken into consideration to calculate the exchange price was equal to thirty-one euro cents (0.31 euro) for each Mondo TV Studios share and three euro and twenty cents (3.20) for each Squirrel share.
Said operation, in addition to the opening of possible new synergies and business scenarioswill produce a positive economic effect of just under one million euro in 2023 at current market prices for Mondo TV and an improvement in the consolidated NFP compared to the NFP extension at 31 December 2022 for approximately 4.1 million euros, equal to 34% of the group’s total debt.
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