Turkish DTH operator Digiturk could be on the block after majority shareholder Çukurova had its assets seized following missed payments.
Çukurova, a Turkish diversified holding company, has had its 53% stake in Digiturk taken over by the state’s…
Turkish DTH operator Digiturk could be on the block after majority shareholder Çukurova had its assets seized following missed payments.
Çukurova, a Turkish diversified holding company, has had its 53% stake in Digiturk taken over by the state’s Savings Deposit Insurance Fund (TMSF).
Reports suggest Providence Equity Partners, which owns the rest of the DTH operator, could be a buyer, as well as French satellite TV broadcaster Canal+.
Neither company was able to comment on the speculation.
Providence bought its holding for around US$250m in 2006, and could also be a willing seller – having failed to offload its stake in the past.
The two owners had first sought to sell 27.5% of Digiturk through an IPO in 2007 but poor market conditions stymied that plan. Rumours that the PE firm is in exit talks with players such as Canal+ and Liberty Global have continued to resurface over the following years.
In October 2011, a source familiar with the situation had said the firm was “entertaining get-to-know-you type meetings with third parties.” At the time Digiturk was valued at around US$2bn. Media giants Time Warner and News Corp were also allegedly looking at the stake.
In June 2012, Digiturk secured a US$260m senior secured four-year term loan with Standard Bank as mandated lead arranger and lead co-ordinator, and ING, Garanti Bank and Turkiye Is Bankasi as JLAs.
The loan came a few months after it bagged rights to broadcast the Turkish Super League, the country’s top football league, for a further three years.
Digiturk was founded in 2000 and broadcasts channels through satellite operators Turksat and Eutelsat.