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Haste communicates that the 15 of September the prohibition by Digital+ is abre
The greater communications group in Spain begins to warm up the machinery to give with the buyer of his pay television by satellite and to lighten the ballast that supposes a debt of more than 5,000 million Euros

And for it, already there is a date. The interested ones must until the 15 of September to show, of contante form and sonante, how much it seduces Digital+ to them. One is one first approach to the assets that the past month of May Haste the poster put is sold, “total or partially”.


Desire and reality

And like in all operation of sale, the number of pretending goes off. But according to it has been able to know this newspaper of sources near the process, to the names already known Telephone and the Vivendi French (owner of Canal+ France) those of the Briton BSkyB and ONO have been united recently. However, from the Spanish cable operator they refused to make commentary some. Also, also one scores at France Télécom (Orange), that in the Gallic country fights one hard battle with Vivendi to scratch quota in the audio-visual market. The greater obstacle so that the operation arrives at good port is the price.

The adviser delegated quickly, Juan Luis Cebrian, recognized in July before analysts who the desire of the company is to for sale receive 11 or 12 times the gross result of operation (ebitda) of the company. This supposes to value Digital+ around 3,000 million.

In addition, Cebrián advanced that the goal is to reduce to the debt to 2.4 times ebitda of the group. The present ratio ascends to 6.4 times. But in the market nobody seems arranged to confront a similar payment. The last month, the British newspaper Financial Times published that the tycoon of Australian origin Rupert Murdoch (proprietor of BSkyB) could present/display a supply of 2,500 million Euros by Digital+. Nevertheless, the market does not trust that, given the present situation of financing, it is possible. And it is that the valuation of Digital+ is not easy task because the one that quotes in stock market is Sogecable that Integra, besides Digital+, to the channel in abierto Four, which it is not for sale.

Like note, the last operation by which Haste bought the capital of Sogecable that not yet it controlled valued the audio-visual company in 3.700 million. Another problem that makes difficult to fix a price is the conflict in which it is surrounded Sogecable and Mediapro by the rights of operation in television of competition of League and that does not have appearances of which it is solved in the future next.

And without soccer, how much costs a platform of payment like Digital+ that, traditionally, has counted as reclamation for its subscribers with a party of League exclusively? In order to transmit confidence and to motivate interest, at the beginning of Sogecable August it announced to have acquired the rights of broadcasting for Spain of “all the parties” of the World-wide one of soccer of South Africa-2010. However, the company has not specified what parties will be emitted through the payment platform and which in Four.


March of 2009

But the time urges and the sale process cannot be interminable. March of 2009 is a limit to consider.

Haste subscribed before summer a prorogation of a month of the credit contract bridge to finance the public supply of acquisition (takeover) on its audio-visual branch Sogecable, decided initially with HSBC and that later it was syndicated with other five financial organizations.

The communications group presided over by Ignacio Polanco indicated that this prorogation of a month “must allow to complete the agreement negotiated for the novation of this credit until March of 2009”. Of parallel form, Haste follows, based on the conditions of the market, evaluating the opportunity for realizing disinvestments and operations of pick up of resources in the markets. In the mind of all 3i in the radio holding company is the entrance of the risk capital bottom, Union Radio, of the group.


(The Newspaper of the Businesses, 22/08/08)







 
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