Following the announcement by the State Privatization and Holding Rt (ÁPV) that it will sell its stake in broadcaster and telco Antenna Hungária Rt, potential buyers are emerging for the company.
Five strategic investors have been named in press reports as being interested: Èeské Radiokomunikace (ÈRa), Télédiffusion de France SA, Portugal Telecom SA, Spain’s Retevisión SA, and Italian Telespazio SpA.
“ÈRa is interested in the acquisition of a majority stake in Antenna Hungária,” said ÈRa spokesman Pavel Koèiš. “The Hungarian company provides identical or very similar services to those of ÈRa, and both companies cooperate on a long-term basis.”
Italy’s Telespazio is only interested in purchasing a part of Antenna, corresponding to an area in which Telespazio specializes, according to a source at the company.
“Antenna is important in Hungary, and everybody’s interested in the Hungarian market. However, Antenna does not completely overlap with our business, it has a wider range of services,” said the source, who requested anonymity. “We would consider bidding for its satellite transmission part.”
A source from Barcelona-based Retevisión confirmed that company’s interest. However, this source declined to disclose further details.
Besides these strategic investors, the management of venture capital fund Advent International has also expressed an interest, according to press reports.
A stake of 75% plus one vote is up for sale through public tender. According to the ÁPV, the transaction should be concluded by the middle of 2005.
“The privatization is necessary in order for Hungarian broadcasting to be able to keep abreast of the technical revolution,” said an earlier statement from the ÁPV. “In developed countries, analog systems are being replaced by digital broadcasting, which promises significantly better picture quality. Many more channels will be available, and television sets themselves will become suitable for numerous other services.”
Antenna was initially listed on the Budapest Stock Exchange Rt (BÉT) in 1992, with a 92.5% stake remaining in state hands. The ÁPV subsequently sold Antenna shares in 1994 for compensation coupons, reducing its holding to 83.2%.
The privatization of a significant part of the company’s state-owned shares was first attempted four years ago in 2000. However, the sale fell through amid unfavorable capital market conditions at the time, and the ÁPV put off the transaction.
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22.11.2004