Stream Communications Network and Media Inc SCNWF

Story from December 1st

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Multimedia Poland to purchase Stream Communications

Thursday 1 December 2011 | 11:06 CET

 

MNI Group wants to sell its Stream Communications cable network to Multimedia Poland for PLN 141.25 million, reported Rpkom.pl. Multimedia has long been interested in the purchase of the network in south-eastern Poland. MNI Group has given notification of ownership changes at Stream, controlled by Andrzej Piechocki, the newspaper website said. Multimedia and Stream shareholders have agreed to work towards submitting a merger request to the Office of Competition and Consumer Protection (UOKiK) before 20 December. Multimedia has committed to accept the deal after an audit of Stream, but not later than 10 February 2012. Stream's EBITDA may not be less than PLN 17 million or the number of active users fewer than 73,500. According to MNI, at the end of September, Stream's revenues amounted to PLN 35.36 million and its EBITDA to PLN 13.16 million. MNI bought Stream from its subsidiary Hyperion. Hyperion took control of Stream about a year before that. It paid the private equity company Penta Investments PLN 92.5 million for 77.27 percent of Stream, which gave the cable TV company a total valuation of PLN 119 million.