M&A
Saregama to buy remaining 48.2 % of Pocket Aces Pictures for Rs.209-Cr
RP Sanjiv Goenka Group-owned entertainment company Saregama India will pay INR 209 crore for buying the remaining 48.2% stake that it currently does not own in Mumbai-based digital entertainment firm Pocket Aces Pictures (PAP).The purchase of this stake was linked to the performance of the digital media company, which was backed by Peak XV Partners (formerly Sequoia), North Base Media and Aarin Capital Partners. With this, the company will pay INR 375 crore for 100% of PAP. It had paid INR 166 crore to purchase the initial 51.8% stake in a deal that was completed on November 11, 2023.When the acquisition was announced in September last year, it was expected to pay INR 174 crore for 51.8%. Saregama had then committed to buy the remaining shares over 15 months.PAP operates across the digital media ecosystem, managing influencers, and producing and publishing long- and short-form content.
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