S&P Global Market Intelligence provides a wrap-up of European media and communications deal announcements, completions and updates from Sept. 16 to Sept. 21.
TOP NEWS
* The Committee on Foreign Investment in the U.S. approved Connect Bidco Ltd.'s acquisition of British satellite operator Inmarsat PLC for $3.4 billion, saying the deal has no unresolved national security issues. In addition, the U.S. Department of Homeland Security, the U.S. Justice Department and the U.S. Defense Department do not object to the U.S. Federal Communications Commission approving the deal. The parties remain confident that the deal will be completed during the fourth quarter, saying they will "continue to work constructively" with relevant authorities to meet required conditions. Connect Bidco is a joint venture formed by a consortium that includes private equity firms Apax Partners LLP and Warburg Pincus International LLC, the Canada Pension Plan Investment Board and the Ontario Teachers' Pension Plan Board.
* Portuguese publishing group Cofina SGPS SA will acquire a 94.69% stake in broadcaster Grupo Media Capital SGPS SA from Spanish media conglomerate Promotora de Informaciones SA, or PRISA. The deal values the whole of Media Capital at €255 million. PRISA will use the transaction's proceeds to reduce its debt. The transaction is subject to required Portuguese antitrust and regulatory clearances, PRISA shareholders' approval, a waiver from several PRISA creditors and the approval of a capital increase at Cofina.
Media
* Irish gaming developer Keywords Studios PLC agreed to fully acquire German dubbing, voice-over and localization services provider TV+SYNCHRON Berlin GmbH for €3.7 million in a cash-and-stock transaction. The deal's price includes a cash payment of €2.8 million upon completion and €900,000 of new ordinary shares in Keywords Studios that will be issued to TV+SYNCHRON one year after the acquisition. The transaction is expected to be completed Oct. 1, subject to certain conditions.
Communications
* Several major shareholders in Sunrise Communications Group AG are backing the Swiss telecom group's proposed acquisition of cable network provider UPC Schweiz, Reuters reported Sept. 20. One shareholder reportedly said the deal's price of CHF 6.3 billion is not cheap but made strategic sense.
* French investment firm Eurazeo SE completed the acquisition of cloud-based digital supply network Elemica Inc. Technology investor Thoma Bravo LLC previously owned Elemica.
* Turkish banks Türkiye Garanti Bankası AŞ, Türkiye İş Bankası AŞ and Akbank TAŞ tapped Morgan Stanley for the sale of Levent Yapilandirma Yonetimi AŞ, a special purpose vehicle that holds a stake of about 55% in Türk Telekomünikasyon AŞ, Reuters reported Sept. 19. The banks are aiming to transfer the stake in Türk Telekom to a "competent" investor, according to the report.
* Telefónica SA agreed to acquire a 50% stake in Prosegur Compañía de Seguridad SA's alarm business in Spain, according to a Sept. 18 statement. The transaction represents a valuation of 50% of Prosegur's alarm business in Spain of €300 million.
* Swedish software company Bambuser AB said Sept. 16 that it completed the acquisition of online video chat solutions providers Viddget AB and Viddget Holding AB.
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