Nine Entertainment Co. Holdings (ASX:NEC) through its wholly owned subsidiary Fairfax Media h as announced an all-cash off-market takeover offer to acquire all of the outstanding shares in Macquarie Media (ASX:MRN).
At $1.46 per shares the offer equates to an enterprise value of $275.4 million, inclusive of MRN’s 30 June 2019 net debt of $22 million and payment of its August 2019 dividend.
The acquisition will be 100 per cent financed from cash reserves and existing debt facilities.
CEO of Nine, Hugh Marks, says it consolidates Nine’s position as a supplier of News and Current Affairs content across all of their key platforms – Television, Digital, Print and now Radio.
Shares in Nine Entertainment Co. Holdings (ASX:NEC) trading 1.07 per cent higher at $1.90.