Discovery to become majority stakeholder in Eurosport
The announced agreement was based on an average enterprise valuation for the Eurosport Group of €902 million (approximately US$1.2 billion), partly corresponding to the initial valuation and partly to a higher valuation linked to the control of the company. From this Group valuation, the value of Eurosport France (€85 million, approximately US$115 million) has been deducted. TF1 expects to retain its 80 percent interest in Eurosport France until at least January 1, 2015. The announcement does not impact the other two elements of the original deal — the 20 percent interest Discovery acquired in TV Breizh, Histoire, Ushuaia TV and Stylia channels, and a production alliance with TF1 Group. TF1 will retain the ability to exercise a put option over the remaining 49 percent, which would potentially increase Discovery’s ownership to 100 percent.
The closing of the deal is subject to customary closing conditions, including regulatory approvals, and is expected to occur in the coming months.
Rothschild acted as financial advisor to Discovery Communications on this transaction, and DLA Piper served as its legal advisors. Darrois Villey Maillot Brochier served as legal advisors to TF1 on this transaction.
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