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PE consortium completes Inmarsat acquisition; Telia closes Bonnier deal

S&P Global Market Intelligence provides a wrap-up of European media and communications deal announcements, completions and updates from Dec. 2 to Dec. 6.

TOP NEWS

* A private equity consortium completed the $3.4 billion acquisition of British satellite operator Inmarsat PLC. The transaction's closing came after a court approved the scheme of arrangement for the takeover, which took effect Dec. 4. Three Inmarsat shareholders led by Oaktree Capital Management LP made a last-minute effort to block the transaction over claims that the deal price "significantly undervalued" the satellite business. They ultimately withdrew their objections after the acquiring consortium said it will not increase its offer.

* Telia Co. AB on Dec. 2 completed the acquisition of Bonnier AB unit Bonnier Broadcasting AB. The 9.2 billion Swedish kronor transaction includes a yet-to-be-determined earnout, which will be at a maximum of 1 billion kronor and is based on certain financial and operational metrics. The earnout will be determined according to agreed procedures. The acquisition will include Swedish commercial TV broadcaster TV4 AB, pay TV operator C More Entertainment AB and Finnish broadcaster MTV Oy.

Media

* Anime-focused streaming service Crunchyroll completed the acquisition of a majority stake in VIZ Media Europe SARL, a France-based anime distributor. Shogakukan and Shueisha Group will retain minority ownership of VIZ Media Europe. The group will also keep its full ownership of VIZ Media Europe's publishing licensing business, which will be transferred to a newly created entity, VME PLB SAS. Crunchyroll is owned by AT&T Inc.'s Otter Media Holdings LLC.

* Bain Capital LP completed the purchase of a 60% stake in The Kantar Group Ltd. from WPP PLC. WPP AUNZ Ltd. also sold its stake in the Kantar Australian and New Zealand businesses to WPP.

Communications

* NXP Semiconductors NV said Dec. 6 that it completed the acquisition of Marvell Technology Group Ltd.'s wireless connectivity assets. In May, the Dutch chipmaker announced the deal, including Marvell's Wi-Fi and Bluetooth products, valued at $1.76 billion in cash.

* Austrian sensor specialist ams AG said Dec. 6 that it succeeded in its €41-per-share takeover bid for German lighting company Osram Licht AG, acquiring more than the minimum 55% of Osram shares required for acceptance. Ams earlier increased its all-cash bid for Osram Licht after the latter received an indicative competing offer, but the deal failed after ams could not achieve the 62.5% threshold by Oct. 1 deadline. After the necessary acceptance rate was reduced to 55%, ams was able to pass the threshold for its €4.6 billion takeover of Osram Licht in the second attempt, Reuters reported.

* Canada-based TELUS International (Cda) Inc. plans to acquire Germany-headquartered Competence Call Center Gmbh from Ardian for about €915 million. The deal's completion will allow TELUS' shareholders, including TELUS Corp. and funds affiliated with Baring Private Equity Asia, to potentially launch an IPO in the next 12 to 24 months. The deal is expected to close in the early part of the first quarter of 2020, subject to customary closing conditions.

* Orange SA on Dec. 4 said it will sell about 1,500 nonstrategic tower sites in Spain to Cellnex Telecom SA for about €260 million. The move is part of Orange's plan to maintain control of its strategic assets and to form tower companies in Europe. Orange may eventually consolidate all or some of the entities into a single European tower company, of which it intends to have majority control.

* Italian operator Telecom Italia SpA closed the sale of its 70% shareholding in Persidera SpA to EI Towers SpA and F2i. The deal is based on an enterprise value of €240 million. Following the deal, Persidera will continue to hold the five digital terrestrial frequencies and associated revenue-earning contracts and staff, which will be owned by F2i. Meanwhile, NetCo SpA, a new entity that carries all the network infrastructure and associated staff, will now be owned by EI Towers.

* GTT Communications Inc. completed the acquisition of KPN NV unit KPN International NV for about €50 million in cash, the global cloud networking services provider said Dec. 2.

* Semiconductor manufacturer STMicroelectronics NV completed its acquisition of Norstel AB, a Swedish manufacturer of silicon carbide bare and epitaxial wafers. STMicroelectronics used its option to acquire the remaining 45% stake in Norstel after initially agreeing to buy a 55% share in the company. This brought the total consideration to $137.5 million.

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