Pay-TV operator OSN is the subject of a full takeover bid from an unnamed buyer, its parent company Kuwait Projects Company (KIPCO) has revealed. If successful, this deal will be one of the largest acquisitions of a regional business in recent years. KIPCO, which owns 60.5% of OSN, said in a bourse filing it would […]
Pay-TV operator OSN is the subject of a full takeover bid from an unnamed buyer, its parent company Kuwait Projects Company (KIPCO) has revealed. If successful, this deal will be one of the largest acquisitions of a regional business in recent years.
KIPCO, which owns 60.5% of OSN, said in a bourse filing it would evaluate the bid alongside its partner and update the market if there were any developments. Saudi Arabia-based Mawarid Group owns the rest of OSN.
No value for the bid was given in the statement. However, brokerage Arqaam Capital last year valued OSN at $4.3bn.
OSN, which has operations across the MENA region and posted earnings of $494m in 2013.
KIPCO said early this year that a flotation could happen on the London stock exchange in 2014, but OSN chief executive David Butorac told reporters in May that a share sale was not imminent. Butorac also said OSN’s shareholders were looking at future options for the business.
