Spanish-lingo b'caster sells for $12.3 bil
Shareholders of numero uno U.S. Spanish-language broadcaster Univision Communications approved Wednesday the sale of the company to a private investor group for $12.3 billion.
More than 60% of the holders of outstanding shares voted to approve the merger, the company said.
Univision’s board, led by chairman A. Jerrold Perenchio, agreed in June to the company’s acquisition by four private equity firms and media baron Haim Saban in a combative auction.
Saban group edged out Univision’s Mexican shareholder and key programming partner Televisa, which had offered around $12.1 billion.
It’s still unclear whether Televisa will sell its 11% stake in Univision.
Last week, amid rumors that it was going to mount a last-minute counteroffer before the special shareholders meeting Wednesday, Televisa said it had no intention of making another bid for Univision.
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Investor group, which includes Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group, Thomas H. Lee Partners and Saban Capital Group, offered $36.25 per share in cash, or a total of some $13.7 billion, including the assumption of $1.4 billion in debt.
Deal is expected to close in the spring.
Univision shares fell 4¢ to $34.40 on the New York Stock Exchange.
Televisa rose a penny to $21.06.
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