Jagran Prakashan has announced the acquisition of the print business of Mid-day Multimedia with effect from April 1, 2010. The acquisition would include The print business which is in Mid-Day Infomedia (MIL) comprises of publication brands viz. Mid-Day (published from Mumbai, Pune, Bangalore and Delhi), Sunday Mid-Day, Gujarati Mid-Day and The Inquilab, the largest read Urdu newspaper in the country and all publication related internet properties.
For FY2010, the print business reported revenues of Rs 95 crore, with EBITDA of Rs 20.5 crore and net profit of Rs 16.9 crore.
As part of the transaction, JPL will issue 2 shares of itself for every 7 shares held in Mid-day Multimedia and will assume debt of Rs 20 crore, implying deal value of about Rs 195 crore. The deal also involves acquisition of a printing facility with daily capacity of 3 lakh copies. Further, the print business management and editorial team will be retained. The issue of new shares would lead to 5% dilution in the equity share capital of Jagran Prakashan.
Source: http://www.indiainfoline.com/Markets/News/Jagran-Prakashan/3129900312
No comments:
Post a Comment