Gopalan, Chairman, ZEE Entertainment Enterprises Ltd.
ZEEL’s strong expertise in content creation and its deep consumer connect established over the last 3 decades, coupled with SPNI’s success across entertainment genres (including gaming and sports) will add significant value to the merged entity and its management team, thereby increasing shareholder value multifold. It is anticipated that the final transaction would be subject to completion of customary due diligence and execution of definitive agreements and required corporate, regulatory and third- party approvals, including the votes of ZEEL’s shareholders. Majority of the Board of Directors of the merged entity will be nominated by Sony Group.
#Hum saath saath hain review free
According to the term sheet, the promoter family is free to increase its shareholding from the current ~4% to up to 20%, in a manner that is in accordance with applicable law. Further, certain non-compete arrangements will be agreed upon between the promoters of ZEEL and the promoters of SPNI. Punit Goenka will continue to be the Managing Director and CEO of the merged entity. The merged entity will be a publicly listed company in India.Īs part of the transaction, Mr. The term sheet provides an exclusive period of 90 days during which ZEEL and SPNI will conduct mutual diligence and finalize definitive agreement(s). ZEEL and SPNI have entered into a non-binding term sheet to combine both companies’ linear networks, digital assets, production operations and program libraries. However, with the proposed infusion of growth capital into SPNI, the resultant merger ratio is expected to result in 47.07% of the merged entity to be held by ZEEL shareholders and the balance 52.93% of the merged entity to be held by SPNI shareholders. The shareholders of SPNI will also infuse growth capital into SPNI as part of the merger such that SPNI has approximately USD 1.575 billion at closing, for use in pursuing other growth opportunities.īasis the existing estimated equity values of ZEEL and SPNI, the indicative merger ratio would have been 61.25% in favour of ZEEL. The shareholders of SPNI, will hold a majority stake in the merged entity. The Board has authorized the management of ZEEL to activate the required due diligence process. The merger is in line with ZEEL’s strategy of achieving higher growth and profitability as a leading Media & Entertainment Company across South Asia. The Board concluded that the merger will be in the best interest of all the shareholders & stakeholders. The Board has evaluated not only on financial parameters, but also on the strategic value which the partner brings to the table. Here’s the press release issued to MxMIndia and the stock exchanges: The Board of Directors of Zee Entertainment Enterprises Limited (ZEEL) held a meeting on Septemand unanimously provided an in-principle approval for the merger between Sony Pictures Networks India (SPNI) & ZEEL.
0 kommentar(er)
