Portugal investment news - A consortium led by Cristiano Ronaldo is bidding 56.8 million Euros for listed Portuguese media company Cofina SGPS. Portuguese media company Cofina SGPS registered a net income of EUR 2.24 million and an operational revenue of EUR 36.93 million for the first half year of 2023.
The consortium led by Cristiano Ronaldo and a group of managers of Cofina Media is bidding for buying out Portuguese media conglomerate Cofina, that owns Portugal’s no 1 newspaper Correio da Manhã as well as the news channel CMTV.
The bid from the conglomerate formed by Cristiano Ronaldo is one of the 2 proposals sent for the purchase of Cofina Media. Cristiano Ronaldo is part of a consortium that intends to buy Portuguese media group Cofina Media, through company Expressão Livre SGPS that includes shareholders who already own 41% of the Cofina media group.
What is Cofina Media, the media group that Cristiano Ronaldo intends to buy?
Cofina Media is a Portuguese media group that owns Portugal’s no 1 newspaper 'Correio da Manhã', Portugal’s sports newspaper 'Record', Portugal’s weekly magazine 'Sábado' and Portugal’s second most popular economics online newspaper 'Jornal de Negócios'.
Portuguese media group Cofina SGPS revealed in a statement to the Securities Market Commission (CMVM), that the offer it received for Cofina Media, the group that owns Portugal's best-selling newspaper, was by a company called Expressão Livre SGPS which is a consortium that includes Cristiano Ronaldo as well as 3 key shareholders of the Cofina group.
What is Cristiano Ronaldo’s media group?
Cristiano Ronaldo is part of the consortium that intends to buy Portuguese media group Cofina through company Expressão Livre. The company Expressão Livre SGPS is owned by a consortium that includes Cristiano Ronaldo, Domingos Vieira de Matos who owns 12.09% of Cofina through Livreflux, Paulo Fernandes who holds 13.88% of Cofina through Actium Capital, and João Borges de Oliveira who holds 15.01% of Cofina through Caderno Azul.
Cofina SGPS received a binding offer to purchase the entire capital of Cofina Media, which was valued at 75 million Euros. On the day that the news that Cristiano Ronaldo was going to be an investor in Cofina Media was communicated, the regulator had to suspend the listing on the stock exchange.
The media group that includes Cristiano Ronaldo comprises three current shareholders of Cofina, a situation that could be decisive in the success of the acquisition offer. The consortium of shareholders who control 41% of Cofina Media supports Cristiano Ronaldo in the bid for the media company that owns Portugal’s no. 1 newspaper 'Correio da Manhã'.
For how much is the company belonging to Cristiano Ronaldo buying out Portuguese media group Cofina?
The offer from the company's staff management buyout (MBO) through a consortium that includes Cristiano Ronaldo reaches a value of 56.8 million Euros, while the proposal sent by Media Capital reaches a maximum of 56 million Euros.
Cristiano Ronaldo’s consortium has made an offer of over 56 million Euros (EUR 56,793,428.97), while the bid from Media Capital, owner of TVI, is for an amount of over 54 million Euros (EUR 54,454,922.00) or the equivalent of the price of any competing proposal received by Cofina, until September 15th, 2023, plus 5% up to a limit of EUR 56 million Euros.
Portuguese media group Cofina SGPS, that is listed on the stock exchange, has however stated that no decision has been made to sell Cofina Media to one of the potential buyers.
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