Promotora de Informaciones SA, better known as Prisa, has offered €2 billion for the remaining shares in Spanish pay-TV operator Sogecable.
Prisa is offering €27.98 per share, some 5.6% more than Sogecable’s closing price on Wednesday evening for the 53% of the company that it does not already own.
Sogecable runs the Digital+ DTH business on Astra and Hispasat and the Spanish version of Canal+. It also owns the Cuatro free-to-air channel that broadcasts using analogue terrestrial frequencies previously occupied by Canal. The DTH business has been behind its European peers, only recently introducing PVR and HD functionality, and has a subscriber base of 2,046,000.
Telefonica owns 17% of Sogecable and in recent days has been suggested as a potential bidder.
Prisa says it will maintain Sogecable’s separate listing on the Madrid stock exchange.