CME completes sale of Croatian Nova to United Group
International broadcaster Central European Media Enterprises (CME) said it completed the sale of its Croatian business Nova TV Croatia to Slovenia Broadband, a subsidiary of multi-play operator United Group.
CME received from the purchaser a cash consideration of 86.4 million euros ($101 million), inclusive of a 1.4 million euro estimated net working capital adjustment, the company said in a filing with the US Securities and Exchange Commission (SEC). On July 31, CME applied the full purchase price together with additional cash on hand to retire in full the remaining principal amount of 40.8 million euro plus accrued interest under a senior unsecured term credit facility agreed in November 2014.
In March, Croatia's electronic media regulator said it approved the sale of Nova TV to Slovenia Broadband as the legal requirements for the transaction had been met. In November 2017, the regulator barred the sale, arguing that the transaction would run counter to the country's laws, because, at the time, United Group also ran Total TV in Croatia. However, in January, United Group announced it was selling Total TV BV, the Dutch parent company of Totalna Televizija doo, to V-Investment Holdings B.V.