Covington Represents Central European Media Enterprises in $2.1B Acquisition

Covington Represents Central European Media Enterprises in $2.1B Acquisition

October 27, 2019

NEW YORK—Covington represented Central European Media Enterprises Ltd. in its definitive agreement to be acquired by an affiliate of PPF Group N.V. in a cash transaction valued at approximately $2.1 billion.

Under the terms of the agreement, holders of all of CME’s issued and outstanding Class A common shares will receive $4.58 per share. This valuation represents a premium of approximately 32% to CME’s share price prior to the announcement on March 25, 2019 that CME was commencing a process to explore and evaluate potential strategic alternatives.

CME is a media and entertainment company operating leading businesses in five Central and Eastern European markets with an aggregate population of approximately 45 million people. CME's operations broadcast 30 television channels in Bulgaria (bTV, bTV Cinema, bTV Comedy, bTV Action, bTV Lady and Ring), the Czech Republic (Nova, Nova 2, Nova Cinema, Nova Sport 1, Nova Sport 2, Nova International, Nova Action and Nova Gold), Romania (PRO TV, PRO 2, PRO X, PRO GOLD, PRO CINEMA, PRO TV International and PRO TV Chisinau), the Slovak Republic (TV Markíza, Markíza International, Doma and Dajto) and Slovenia (POP TV, Kanal A, Brio, Oto and Kino). CME is traded on the NASDAQ Global Select Market and the Prague Stock Exchange under the ticker symbol “CETV”.

PPF Group invests in multiple market segments such as financial services, telecommunications, biotechnology, real estate, and mechanical engineering. The reach of PPF Group spans from Europe to North America and across Asia. PPF Group owns assets exceeding EUR 45 billion (as of December 2018).

The Covington corporate team included Scott Smith, Patrick Manchester, Jeffrey Potash, Clayton Collett, and Chul Hun Lee.