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A-Pressen Pulls Out Of Komsomolskaya Pravda
Norway’s A-pressen is selling 25 percent plus a stock in Komsomolskaya Pravda Publishing House to the majority holder of the latter, ÅÑÍ Group. The price is fixed based on the January evaluation, when ECH bought out 60 percent in Komsomolskaya Pravda from Prof Media. The analysts forecast A-pressen to profit by the deal. The stake cost $10 million five years ago and it is being sold for $41 million now.
The deal whereby A-pressen is selling 25 percent plus a stock in Komsomolskaya Pravda to ECH will be finalized during two weeks, a source close to A-pressen specified Friday. ECH and Renaissance Capital that stands for A-pressen didn’t comment on the information.
The Norwegians are selling the stake in Komsomolskaya Pravda “under evaluation given when Prof Media Holding was selling its 60 percent plus a stock to ECH Group,” the sources said. Then, the Publishing House was evaluated at roughly $167 million; Prof Media generated $100 million from 60 percent plus a stock. So, 25 percent plus a stock could cost about $41 million.
A-pressen, however, has always thought the evaluation of $167 million rather underestimated and even attracted Renaissance Capital to stand for its interests.
Although Renaissance Capital failed to change the price fixed during the talks of Prof Media and Gazprom Media (the latter was eyeing the stocks as well), the market still considers the deal rather advantageous for the Norwegians. A-pressen acquired a blocking stake in Komsomoksaya Pravda in summer of 2002 and was paying for its by installments till 2006 depending on financial indicators of the Publishing House. “Overall, 25 percent plus a stock in the Publishing House cost a bit more than $10 million to them,” said a source familiar with the business of Komsomolskaya Pravda.
www.kommersant.com
All the Article in Russian as of July 23, 2007
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Photo: Âèêòîð ×óìà÷¸â