Ashu Saini
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U.S.-based Silver Eagle Acquisitions Corp has picked up 33 per cent stake in direct-to-home (DTH) operator Videocon d2h for Rs.1,900 crore (about $300 million).
The money will be invested in the company to grow its business and market share, Videocon Group Chairman V. N. Dhoot said.
Enterprise value
“The deal is over.We have diluted 33 per cent stake for Rs.1,900 crore to raise resources for the company. With this, the enterprise value of Videocon d2h is Rs.7,500 crore. We will issue shares in the form of American Depository Receipts (ADRs) to Silver Eagle, and the ADRs will be listed on Nasdaq. This is a big thing for an Indian company,” Mr. Dhoot said.
Silver Eagle was founded by in 2011 by former Chairman and CEO of Metro-Goldwyn Mayer Inc. Harry Sloan and known American television executive Jeff Sagansky.
“With Silver Eagle’s capital and partnership with Mr. Harry and Mr. Jeff, Videocon d2h will be poised for the next stage of development by offering the largest number of channels in each of our packages,” he added. “Silver Eagle not only gives us additional capital but also unparalleled expertise and experience. We look for forward to working closely with Harry and Jeff on expending our market share and services,” Mr.Dhoot said.
Both Mr. Harry and Mr. Jeff will be inducted into the board of Videocon d2h.
Founded in 2009, Videocon d2h, which competes with Tata Sky, Sun Direct, Dish TV and Airtel DTH, has a pan-India market share of 20 per cent, company officials said.
Silver Eagle picks up 33 % stake in Videocon d2h - The Hindu
The money will be invested in the company to grow its business and market share, Videocon Group Chairman V. N. Dhoot said.
Enterprise value
“The deal is over.We have diluted 33 per cent stake for Rs.1,900 crore to raise resources for the company. With this, the enterprise value of Videocon d2h is Rs.7,500 crore. We will issue shares in the form of American Depository Receipts (ADRs) to Silver Eagle, and the ADRs will be listed on Nasdaq. This is a big thing for an Indian company,” Mr. Dhoot said.
Silver Eagle was founded by in 2011 by former Chairman and CEO of Metro-Goldwyn Mayer Inc. Harry Sloan and known American television executive Jeff Sagansky.
“With Silver Eagle’s capital and partnership with Mr. Harry and Mr. Jeff, Videocon d2h will be poised for the next stage of development by offering the largest number of channels in each of our packages,” he added. “Silver Eagle not only gives us additional capital but also unparalleled expertise and experience. We look for forward to working closely with Harry and Jeff on expending our market share and services,” Mr.Dhoot said.
Both Mr. Harry and Mr. Jeff will be inducted into the board of Videocon d2h.
Founded in 2009, Videocon d2h, which competes with Tata Sky, Sun Direct, Dish TV and Airtel DTH, has a pan-India market share of 20 per cent, company officials said.
Silver Eagle picks up 33 % stake in Videocon d2h - The Hindu
