Cofina, SGPS, S.A. (ENXTLS:CFN) agreed to acquire 94.69% stake in Grupo Media Capital, SGPS, S.A. (ENXTLS:MCP) from Vertix SGPS, S.A. for approximately €170 million on September 20, 2019. The maximum price per share was set at €2.13 per share. The operation values 100% of Media Capital at €255 million, making this equivalent to 7.3 times the EBITDA generated by Media Capital in the past twelve months (as of June 30, 2019). In a related transaction, Cofina agreed to acquire remaining shares of Media Capital for €2.33 per share in an offer. As of December 24, 2019, Cofina and Promotora de Informaciones agreed to revise the purchase price from €2.13 per share to €1.54 per share, which values 100% of Media Capital at €205 million. Cofina will carry out a capital increase of €80 million for the acquisition.

The transaction is conditional on obtaining the mandatory authorization of the Portuguese competition and regulatory authorities, the approval of a capital increase at Cofina, a waiver from a number of creditors of Promotora de Informaciones, S.A. (BME:PRS), parent of Vertix SGPS, S.A. and the approval of the transaction by the General Meeting of the company. As on October 31, 2019, the transaction has been approved by Anacom – Autoridade Nacional de Comunicacoes. As on December 11, 2019, the transaction was approved by Media Regulatory Authority (ERC) and The Competition Authority (AdC). As on December 30, 2019, the Portuguese Competition Authority has authorized the media group Cofina to acquire. On January 29, 2020, the transaction was approved in the extraordinary general meeting of the shareholders of Promotora de Informaciones. The funds generated by the sale of Media Capital will be used to amortize the debt of Promotora de Informaciones, S.A. thereby accelerating the Group's deleveraging plan. The transaction will result in losses estimated at €76.4 million in the consolidated accounts of Promotora de Informaciones, S.A. As on February 21, 2020, Cofina received authorization from the Regulatory Entity for Social Communication (ERC) to control the publications of Media Capital. The transaction is currently only subject to the registration of Cofina's capital increase. The transaction is expected to be completed in the first quarter of 2020. Banco Santander Totta, S.A. acted as financial advisor for Grupo Media Capital, SGPS, S.A. Morgan Stanley acted as financial advisor to Prisa, parent of Vertix SGPS, S.A. SG Corporate & Investment Banking acted as financial advisor to Cofina, SGPS. Guillermo Guerra, Susana Morgado, Pablo Fernández Cortijo of Goméz-Acebo & Pombo acted as a legal advisor to Promotora de Informaciones. S.A.