KIPCO rejects offer for OSN

OSN's owner rejects $3.2 billion takeover offer
David Butorac, CEO, OSN.
David Butorac, CEO, OSN.


RELATED: KIPCO receives buyout offer for OSN

Kuwait Projects Company (KIPCO) said in a bourse filing that it had rejected a $3.2 billion takeover offer from a US private equity firm for its Dubai-based pay-TV subsidiary OSN.

KIPCO, which owns 60.5% of OSN, and Saudi Arabia-based Mawarid Group which holds the remainder, jointly refused the offer.

The offer consisted of $2.4 billion in cash and a $800 million subject to certain conditions, according to the statement from KIPCO. It said the offer was for between 51 and 100% of OSN.

OSN was valued at $4.3 billion by Arqaam Capital, a brokerage firm, last year.


Most Popular

Editor's Choice

StarzPlay’s tech powers India’s Lionsgate Play
Provides managed services, developed by StarzPlay, to mark successful launch of Lionsgate Play ...
Subscribe to Digital Studio Middle East
The latest editor of Digital Studio Middle East, the foremost and most respected platform for ...
Dubai's Faisal Hashmi working on feature film
10 short films in 10 years has earned Faisal Hashmi international plaudits at film festival, ...

Don't Miss a Story