(Alliance News) - Mondo TV Spa announced Wednesday that the shareholders' meeting of Squirrel Media has given the go-ahead for the acquisition of Mondo TV's entire stake in Mondo TV Studios, amounting to about 75 percent.

As a result of this transaction, Mondo TV becomes a minority shareholder in the Spanish group when the deal is finalized expected in July.

The shareholders' meeting approved the capital increase by means of a contribution in kind consisting of the shares of Mondo TV Studios shareholders who expressed their willingness to exchange their shares with those of Squirrel; the Spanish company reiterated its intention to acquire up to 100 percent of the capital of Mondo Tv Studios.

The valuation taken into account to calculate the price of the exchange was EUR0.31 for each of the Mondo TV Studios shares and EUR3.20 for each Squirrel share.

This transaction, in addition to the opening of possible new synergies and business scenarios, will produce a positive economic effect of just under EUR1 million in 2023 at current market prices for Mondo TV and an improvement of the consolidated NFP compared to that as of December 31, 2022 by about EUR4.1 million, or 34 percent of the group's total debt.

Mondo TV is down 0.4 percent to EUR0.39 per share.

By Claudia Cavaliere, Alliance News reporter

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