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Cyfrowy Polsat to acquire majority in Polkomtel

2013-11-14 10:23:00| Telecompaper Headlines

(Telecompaper) Polish pay-TV operator Cyfrowy Polsat has agreed to acquire a majority stake of 83.8 percent in Metelem Holding Company, the company controlling Polkomtel, operator of the Plus mobile network, in exchange for shares of Cyfrowy Polsat. As a result of the transaction, Argumenol, Karswell and Sensor will acquire Cyfrowy Polsat shares. The European Bank for Reconstruction and Development is analyzing the possibility of its participation in the transaction, based on an offer from Cyfrowy Polsat to acquire the EBRD's 16.2 percent stake in Metelem. Metelem has been valued for the purposes of the transaction at PLN 6.15 billion, implying an EV/EBITDA ratio (for the 12 months to September) of 5.7x, which the company said was less than trading multiples for peers and recently completed transactions. An independent opinion issued by EY deemed the price fair. Cyfrowy Polsat estimates operational synergies from the takeover at PLN 3.5 billion and financial synergies at approximately PLN 0.5 billion through 2019. Proforma for the third quarter of 2013, the new Cyfrowy Polsat Group would have reported revenues of PLN 9.7 billion, EBITDA of PLN 3.9 billion, EBITDA margin of 40.1 percent and operating cash flow of PLN 3.6 billion. Completion of the transaction is expected in mid2014 and is contingent on Cyfrowy Polsat shareholders' approval of the issue of shares to Metelem as well as a refinancing of Cyfrowy Polsat's current debt.

Tags: majority acquire cyfrowy polsat

Babcock & Wilcox to sell majority stake in mPower reactor venture

2013-11-13 22:29:19| Industrial Machines - Topix.net

The Babcock & Wilcox Co. plans to sell up to a 70 percent stake in its Generation mPower joint venture by mid-2014, reducing the Charlotte-based company's share of the small modular reactor manufacturing project to 20 percent.

Tags: sell majority venture stake

Majority of red-state Americans believe climate change is real, study shows

2013-11-13 21:00:00| Climate Ark Climate Change & Global Warming Newsfeed

Guardian: A vast majority of red-state Americans believe climate change is real and at least two-thirds of those want the government to cut greenhouse gas emissions, new research revealed on Wednesday. The research, by Stanford University social psychologist Jon Krosnick, confounds the conventional wisdom of climate denial as a central pillar of Republican politics, and practically an article of faith for Tea Party conservatives. Instead, the findings suggest far-reaching acceptance that climate change...

Tags: real change study shows

UK: JD Sports acquires majority stake in Tiso

2013-11-13 17:59:00| Daily apparel & textile news and comment - from just-style.com

UK retail chain JD Sports Fashion has added to its portfolio by acquiring a controlling stake in outdoor clothing and equipment retailer Tiso Group for an undisclosed sum.

Tags: sports majority stake acquires