Africa’s biggest media group Naspers said on Tuesday it had entered into a conditional agreement to sell its Greek and Cypriot pay-TV unit NetMed to Greek telecoms company Forthnet.
South Africa-based Naspers said the agreement put an enterprise value on NetMed of $760-million. The media group said last year it wanted to sell the unit to focus on emerging markets.
Naspers said the deal was subject to a number of conditions, including approval by Forthnet’s shareholders of a rights issue to partly fund the acquisition. Forthnet will also need to raise debt funding.
NetMed operates digital satellite platform Nova, which has more than 340 000 subscribers.
Naspers runs businesses in Africa and owns stakes in companies in China, Brazil and Russia. It has said it wants to expand into more emerging markets and beef up its internet and electronic media business. — Reuters