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Abu Dhabi-backed RedBird IMI has completed its acquisition of UK media company All3Media from Warner Bros and Liberty for GBP 1.5 bn, according to a statement. The acquisition was approved by regulators in the US, UK, and Germany. RedBird IMI head and former CNN Global President Jeff Zucker will now chair All3Media’s board, with group CEO Jane Turton and COO Sara Geater retaining their roles.
REFRESHER- RedBird IMI finalized an agreement to acquire All3Media from Warner Bros and Liberty earlier in February. The acquisition is the group’s fifth and largest acquisition to date, and comes after RedBird IMI formally withdrew its bid to acquire British papers, the Telegraph and Spectator at the start of the month, following months of opposition from the UK government.
About All3Media: All3Media is the largest independent production company in the UK, with 50 production labels and a distribution catalog of over 30k hours under its management. The company has a global presence in the UK, US, Germany, Netherlands, Belgium, and New Zealand, and produces 4k hours annually for several platforms.
ADVISORS-RedBird Advisors acted as financial advisor to RedBird IMI and RedBird Capital Partners, while Gibson, Dunn & Crutcher acted as its legal advisor. JP Morgan acted as financial advisor to Warner Bros and Liberty Global, and DLA Piper acted as their legal advisor.
OTHER M&A NEWS-
Abu Dhab-based electrical equipment manufacturer Electra Investment Holding submitted a voluntary purchase offer for up to a 24.5% stake in Egypt’s Elsewedy Electric, according to a statement (pdf) by Egypt’s Financial Regulatory Authority, which is currently studying the offer.
The details: Electra wants to acquire at least 15% of the company, and has offered to pay a USD 1.05 a pop — marking a premium of c. 11% to Elsewedy Electric’s Sunday share price of EGP 44.41, according to our math. This gives the potential transaction — assuming Electra acquires the full 24.5% stake — a value of USD 558.1 mn.
Current ownership: The Elsewedy family currently holds over 68% of the company’s shares.
Advisors: EFG Hermes is Electra’s sole financial advisor for the transaction, an informed source told Enterprise.
