Central European Media Enterprises (CME) has announced the expected completion date for its sale to an affiliate of PPF Group.
It says that following the European Commission’s clearance of the deal, all required regulatory approvals needed to close the previously announced transaction have been received. Accordingly, completion is expected to occur on October 13, 2020.
CME adds that at closing, each share of CME’s Class A Common Stock (other than any such shares owned by CME, PPF Group, or any of their respective direct or indirect wholly-owned subsidiaries) issued and outstanding immediately prior to the effectiveness of the merger will be cancelled and cease to exist automatically, and each such share of Class A Common Stock will be converted into the right to receive $4.
CME has broadcast interests in Bulgaria, the Czech Republic, Slovakia, Slovenia and Romania, while PPF Group invests in multiple market segments including financial services, telecoms, biotech, real estate and mechanical engineering.
PPF Group’s telecom assets include the incumbent O2 in the Czech Republic.
