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Mediawan makes €270M offer for France's Groupe AB

French special purpose acquisition company Mediawan has offered to acquire TV content distributor and aggregator Groupe AB for about €270 million, to complete its initial business combination.

Mediawan's shareholders are scheduled to vote on the proposed acquisition of 100% of the outstanding shares of Groupe AB on March 13, according to a Jan. 30 news release.

The French acquisition company intends to raise €130 million in debt to finance the transaction and use its available funds for the remaining balance to fund the deal.

Mediawan was founded by Xavier Niel, Matthieu Pigasse and Pierre-Antoine Capton and started trading in Paris in April last year. Upon completion of the deal, Capton would be appointed as chairman of Groupe AB, while Orla Noonan would remain CEO of the company and would join the strategic committee of Mediawan.