Cofina announced this Sunday that it had reached an agreement to acquire a 16.67% stake in Vasp, for a total of 1.05 million euros, taking control of 50% of the capital of the media distribution company.
This acquisition comes after Impresa announced at the beginning of the year an agreement to sell 33.33% of Vasp for 2.1 million euros to Pontos Civilizados, a company of the BEL Group, from Marco Galinha.
However, Cofina, which controlled 33.33% of Vasp’s capital, had preemptive rights over this position. The media company led by Paulo Fernandes, who controls the Business, opted for the partial exercise of the preemptive right.
Thus, it bought half of the position that Impresa had agreed to sell to Marco Galinha, taking control of 50% of Vasp’s capital. The other 50% is held by the latter entrepreneur, who at 33.33% held through Global Media, now adds the 16.67% bought from the owner of SIC.
If it had not exercised the preemptive right, Cofina would have been a minority in a company controlled 66.67% by Marco Galinha.
“The exercise of the preemptive right by Cofina Media was agreed with the Pages Civilized, Impresa and Global Media, the latter currently holding 33.33% of the share capital of VASP”, says a statement from Cofina.
on one another announcement, Impresa says that “Página Civilizados, Cofina Media and Global Notícias Media Group reached an understanding for the transaction to be concluded, subject to the completion of an accounting and financial audit by the Civilized Pages and the non-opposition to the transaction by Competition Authority “.
With this operation, the owner of SIC maintains a cash inflow of 2.1 million euros with the departure of Vasp’s capital. In addition to this sale, Impresa also agreed to sell 22.35% of the capital of Lusa – Agência de Notícias de Portugal for 1.25 million euros to Marco Galinha’s group.
Source: Jornal de Negócios by www.jornaldenegocios.pt.
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