PE Fund SIDOFI Communication To Buy 10% In Asianet
Mauritius-based private equity fund SIDOFI Communication Investment is set to acquire nearly 10% stake in Kerala-based broadcaster Asianet Communication Limited (ACL), which is backed by leading broadcaster Star TV India.
SIDOFI will buy this stake from another Mauritius-based private equity fund Americorp Ventures. Americorp bought 9.33% stake in Asianet in 2005 for Rs.6.6 crore valuing Asianet at Rs.70 crore.
Transaction Reference: FE
Asianet has been restructured into four companies – general entertainment, news, radio and media infrastructure and it broadcasts general entertainment channels (GECs) in Kannada (Suvarna), Telugu (Sitara) and Malayalam (Asianet, Asianet Plus).
This year in May Star’s Mauritius-based subsidiary SVJ Holdings picked up 23.65% in Asianet for Rs 425 crore, valuing Asianet at about Rs.1,800 crore.
In October 2006, former BPL Mobile CEO Rajiv Chandrasekhar acquired 51% stake in ACL through his Bangalore-based company Jupiter Media & Entertainment Ventures. However, in 2008, Star India picked up a majority stake in ACL through a joint venture with Jupiter Entertainment called Star-Jupiter Entertainment Television.
In December 2008, the Foreign Investment Promotion Board (FIPB) gave its approval to Vijay Television — part of the Star-Jupiter JV - to acquire 62.90% in ACL. Star has over 80% stake in Vijay Television.
Jupiter Media & Entertainment Venture , which is the entertainment venture subsidiary of investment company Jupiter Capital, was founded by Rajiv Chandrasekhar in July 2005. It acquired Asianet Communications and later extended the GEC footprint into Kannada with ‘Suvarna’ and Telugu under ‘Sitara’ brands. STAR brings Tamil channel ‘Vijay’ to the joint venture stable.
This year in March, Jupiter Media bought 26% stake in Express Publications (Madurai) Ltd.at about Rs.250 crore ($55 mm)
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 07/09/10 | Asianet Communications - SIDOFI Communication | Private Equity | SIDOFI Communication | 36.00 |
| 17/11/08 | Asianet Communications - Jupiter Entertainment Ventures(JEV) Exit | M&A | - | |
| 16/11/08 | Asianet Communications - Star Jupiter Entertainment | M&A | Star Jupiter Entertainment Television Limited | - |
| 05/02/07 | Asianet satellite - Providence Equity | Private Equity | Providence Equity Partners LLC | 68.20 |
| 28/05/06 | Asianet Communications - Jupiter Entertainment Ventures(JEV) | M&A | Jupiter Entertainment Ventures Private Limited | 33.32 |
| 03/01/05 | Asianet Communications - Americorp Ventures | Private Equity | Americorp Ventures Limited | 1.40 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 02/02/12 | M&A | The Walt Disney Company | UTV Software Communications Limited | - | Announced |
| 24/01/12 | M&A | Legrand India Private Limited | Unknown | - | Planned |
| 19/01/12 | IPO / Offerings | Ram Kaashyap Investment Limited | 75.00 | Completed | |
| 17/01/12 | M&A | Marico Limited | Unknown | - | Planned |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| Americorp Ventures Limited | 300 | Media BFSI Real Estate |
http://www.cbayusa.com/partners/eliteglobal.htm | Harish FabianiKamal Fabiani |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Asianet Communications Limited | Rajeev Chandrashekar | Jay Chambers, Service Road, Vile Parle (East), Mumbai-400057. Maharashtra, India. |
Zee Entertainment Enterprises Limited Sony Pictures Television International |
www.asianetglobal.com |
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