Deal Tracker: European media, telecom M&A slows in May; Karnov sale falls apart

M&A activity in the European media and telecom sector slowed considerably in May, with one of the largest proposed deals of the month — the sale of Sweden-based Karnov Group AB — falling apart due to a lack of shareholder support.

Inclusive of the terminated deal, companies in the sector announced 43 M&A transactions with an aggregate gross value of $2.29 billion in May, marking the second-lowest monthly total M&A value for 2024, according to data from S&P Global Market Intelligence. In comparison, the sector recorded 62 M&A deals with a combined gross value of $8.59 billion in April.

Excluding the terminated deal, the monthly total M&A value would have been even lower at roughly $1.40 billion. Greenoaks Capital Partners LLC and Long Path Partners LP had sought to buy Karnov Group for $887.6 million, which would have represented the second-biggest transaction reported in May. However, the investor group's public offer was only accepted by shareholders representing 25.7% of all shares in Karnov Group as of June 5. Although the acceptance period was extended to June 14, shareholders representing only 26.2% of all shares in Karnov accepted the offer, prompting the investor group to withdraw its offer June 17.

The $1.07 billion sale of the fiber platform within Brookfield Infrastructure Partners LP's French telecom infrastructure business to an undisclosed buyer emerged as the top M&A deal in May. The transaction, which is expected to close later this year, is the seventh largest M&A deal in the sector in the first five months of 2024.

– Check out the most valuable M&A deals in Europe's media and telecom industry in April. – Use our Transactions Statistics page to run a custom screen of M&A by industry or geography.

Meanwhile, the acquisition of Swiss advertising services provider APG|SGA SA for $180.4 million by German-language Swiss newspaper publisher Neue ZüRcher Zeitung AG was the third most valuable deal in May. The transaction is expected to be completed in the coming days.

Fastweb SpA's purchase of Vodafone Italia SpA in March remained the biggest media and telecom M&A year to date, valued at $8.71 billion. The deal is expected to close in the first quarter of 2025.