M&A

M&A

Sony Pictures India signs term sheet to acquire Zee Entertainment

BSE Disclosure  

Publicly-listed Zee Entertainment Enterprises (ZEEL) has approved the execution of a non-binding term sheet (with exclusive period of 90 days) with Sony Pictures Networks India Pvt Ltd (SPNI), for a potential merger. The shareholders of SPNI will hold a majority stake in the merged entity. The shareholders of SPNI will also infuse growth capital into SPNI as part of the merger such that SPNI has approximately USD1.575 billion at closing, for use in pursuing opportunities. The merger ratio is expected to result in 47.07% of the merged entity to be held by ZEEL shareholders and the balance 52.93% by SPNI shareholders. The merged entity will be publicly listed with Punit Goenka continuing to be the Managing Director and CEO.