The Chinese conglomerate Orient Hontai Capital (OHC) has entered an agreement to acquire a majority stake in Imagina Media Audiovisual.
The agreement will see OHC acquire the shares of Torreal (22.5 percent), Televisa (19 percent) and Mediavideo (12 percent), giving it a 53.5 percent shareholding in Imagina. The transaction values Imagina at an enterprise value of 1.9 billion euros.
Shareholder WPP Group (22.5 percent) and two of the company’s founding members, Tatxo Benet (12 percent) and Jaume Roures (12 percent), maintain their stakes in Imagina. Roures and Benet will continue to control the management of the group.
The transaction is subject to regulatory approvals and expected to close in the second quarter.
Benet and Roures said that the deal gives Imagina “a significant boost to its competitive strength in its traditional markets of Spain and Europe” and confirmed “the markets’ confidence in its business model and its growth strategy.”
They added: “The agreement will provide the group with access to an emerging market like China and the advantage of accessing this market in association with such an important partner as Orient Hontai Capital.”