The termination of the agreement with PPF Group follows the decision by the Bulgarian Commission for the Protection of Competition to disallow the proposed sale to PPF Group, as well as the expiration of an extended long-stop date under the sale and purchase agreement.
MTG is expected to complete its split into two companies – MTG and NENT Group – in March 2019, and Nova will remain part of MTG until a sale is completed.
The SEK 1 billion three year revolving multi-currency credit facility can be drawn in part or full after the listing of NENT Group.
Jørgen Madsen Lindemann, MTG President and CEO: “The new credit facility will provide us with additional flexibility to continue to invest organically and via M&A, in order to develop our global digital entertainment verticals after the listing of NENT Group. The divestment of Nova is also part of this strategy and we look forward to the discussions with the new potential buyers about the future of this well-established, well-placed and well-managed business.”
NOTES TO EDITORS
MTG (Modern Times Group MTG AB (publ)) is a leading international digital entertainment group and we are shaping the future of entertainment by connecting consumers with the content that they love in as many ways as possible. Our brands span TV, radio and next generation entertainment experiences in esports, digital video content and online gaming. Born in Sweden, our shares are listed on Nasdaq Stockholm (‘MTGA’ and ‘MTGB’).