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The Warsaw Voice » Business » May 28, 2018
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Cyfrowy Polsat takes ESN
May 28, 2018   
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Listed media and telecom group Cyfrowy Polsat signed a deal to buy 50% plus one share in Eleven Sports Network sp. z o.o. from Eleven Sports Network Ltd for EUR 38 million, the company said in a market filing.
The payment of the first tranche of EUR 18 million should take place within two working days after signing the deal, while the payment of the second tranche of EUR 20 million will be adjusted for ESN debt, should be made within four months and is conditional.
If ESN value, defined as 9x adjusted EBITDA for fiscal year ending June 2020, exceeds EUR 80 million, Cyfrowy Polsat will make an additional payment of 25% of the surplus above the EUR 80 million.
ESN turnover has not exceeded EUR 10 million in the past two years.
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