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TVC takes 11% stake in UTV Media for €19m |
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Wednesday, 16 July 2008 |
TVC Holdings has acquired a shareholding of 11% in UTV Media for £14.9m (€19m), making it the single largest shareholder in Ulster Television. The UTV investment represents 15% of the TVC Holdings' net assets after minority interests, as of March 31 2008.
The transaction is TVC Holdings' second new investment following its listing on Dublin's IEX and London's AIM market last year. The company said the investment underlines its stated investment strategy of acquiring significant stakes in both public and private companies across a range of sectors, mainly in Britain and Ireland. Its existing portfolio includes the Norkom Group, and the Quality/Comfort Inn hotel chain.
Commenting on the deal, Shane Reihill, executive chairman of TVC Holdings, said: "We believe UTV is a well managed business, which is currently undervalued by the market".
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