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THE PHILIPPINES, JULY 23, 2012: The much talked about acquisition of GMA Network Inc. by telecommunications magnate Manuel V. Pangilinan is almost a done deal with the likelihood of taking in one or two investors to pick up a small minority stake in the broadcast firm, sources said.
Financing for the purchase of GMA-7 is already in place and all that remains is some paperwork to finalize a deal with the Gozon, Duavit, and Jimenez families, who own a controlling stake in the television network.
Last week, Pangilinan said that his group was willing to acquire GMA-7 at a price higher than the network’s market capitalization, which stood at P33.95 billion as of Friday.
According to reports, the three major owners of GMA-7, which collectively own 77% of the network, were willing to divest their stake for P55 billion to P60 billion.
Pangilinan could not give a timetable for the acquisition, saying the proposed deal is subject to a lot of factors, which include approval of both the Congress and the National Telecommunications Commission. However, he is hoping that the deal can be finalized within the year.
Source: PhilStar
