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  • Publicis Groupe to acquire Sapient for $3.7 billion

    Publicis Groupe to acquire Sapient for $3.7 billion

    MUMBAI: Publicis Groupe and Sapient have announced that they have entered into a definitive agreement under which Publicis Groupe will acquire Sapient in an all-cash transaction for $3.7 billion, or $25 per share.

     

    The agreement has been approved unanimously by the management and supervisory boards of Publicis Groupe and the board of directors of Sapient.

     

    Publicis Groupe chairman and CEO Maurice Levy said, “Sapient is a ‘crown jewel,’ a one of a kind company born in the technology space with strengths in marketing, communications, consulting and omni-channel commerce, all of which are equally important to best help clients achieve their digital transformation. It will also give Publicis Groupe access to new markets and creating new revenue streams.”

     

    “This acquisition fulfills many of Publicis Groupe’s objectives: we will enhance our leadership position in digital, achieve our goal of deriving 50% of our revenues from Publicisgroupe.com 3/9 digital and technology three years ahead of our 2018 plan, and leverage technology, consulting capabilities to expand in new verticals, and offering new and exciting opportunities to our talents,” he added.

     

    The acquisition will accelerate achieving Publicis Groupe’s objective to become the leader at the convergence of communication, marketing, commerce and technology, said the press release.

     

    Through this, the company will create a platform to be named Publicis.Sapient, which will focused exclusively on digital transformation and the dynamics of an always-on world across marketing, omni-channel commerce, consulting and technology.

     

    Sapient CEO and co-Chairman Alan J Herrick will also be joining Publicis Groupe senior management team as CEO of Publicis.Sapient and Sapient co-founder and co-chairman Jerry A Greenberg will join the company’s supervisory board.

     

    Sapient president, CEO and co-chairman Alan J Herrick added, “This transaction provides substantial value to our shareholders, offers an ideal cultural match for our people and provides an opportunity to share a wealth of new capabilities with our clients.”

     

    “The Sapient team has been on a 24-year journey building a company with the objective of creating significant impact for our clients and the industries in which they operate. With Publicis Groupe, we have found a partner that accelerates the level of transformation we can drive into the marketplace,” he further stated.

     

    The combination of Publicis Groupe and Sapient is expected to drive cost savings through the integration of digital production leveraging Sapient’s substantial production infrastructure in India, real estate consolidation, G&A reductions and procurement savings, said the companies in a joint statement.

     

    “The newly created Publicis.Sapient platform will create significant opportunities for our tremendously talented people across the platform. We will also be able to deploy our capabilities on a global scale through Publicis Groupe’s significant international presence. With access to the world’s greatest creative talent and media expertise, as well as a strong global footprint, we will be better positioned to identify and pursue market opportunities all over the world,” added Herrick.

     

    In connection with the tender offer, Jerry A Greenberg, J Stuart Moore, and Alan J Herrick have entered into a tender and support agreement with Publicis Groupe pursuant to which they have agreed to tender an aggregate of approximately 18 per cent of Sapient’s outstanding shares in the offer.

     

    The completion of the tender offer is subject to certain customary terms and conditions, including the tender of at least a majority of the outstanding shares of Sapient, antitrust and other regulatory clearances in the US, and antitrust clearance in Germany. The transaction is expected to close in the first quarter of 2015.

     

    The completion of the tender offer is subject to certain customary terms and conditions, including the tender of at least a majority of the outstanding shares of Sapient, antitrust and other regulatory clearances in the US, and antitrust clearance in Germany. The transaction is expected to close in the first quarter of 2015, added the press release.

     

    BofA Merrill Lynch and Rothschild acted as financial advisors and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Publicis Groupe while Goldman, Sachs & Co. and Blackstone Advisory Partners L.P. acted as financial advisors and Cravath, Swaine & Moore LLP acted as legal advisor to Sapient.

  • Eros International Announces Pricing of Follow-on Equity Offering

    Eros International Announces Pricing of Follow-on Equity Offering

    MUMBAI: Eros International, a leading global company in the Indian film entertainment industry, today announced the pricing of an underwritten public offering of 7,000,000 A ordinary shares at a price of $14.50. The offering consists of 7,000,000 A ordinary shares offered by Eros and certain existing shareholders, which consists of 6,675,000 shares offered by Eros and 325,000 shares offered by the selling shareholders. Eros will not receive any proceeds from the sale of shares by the selling shareholders. In addition, Eros and an existing shareholder have granted the underwriters a 30-day option to purchase up to an additional 1,050,000 A ordinary shares in total, which will be equally split between Eros and the existing shareholder at the offering price less underwriting discounts and commissions. The offering is expected to close on 15 July 2014.

     

    BofA Merrill Lynch, Jefferies, Wells Fargo Securities and Macquarie Capital are acting as joint book running managers and EM Securities is acting as co-manager for the offering.

     

    Copies of the prospectus may be obtained from BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department, or via email, at dg.prospectus_requests@baml.com and from Jefferies LLC, Attn: Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or via e-mail at Prospectus_Department@Jefferies.com .

     

    A registration statement relating to the offering has been filed with, and has been declared effective by, the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

  • Eros plans $250 mn public float on NYSE, to delist from AIM

    Eros plans $250 mn public float on NYSE, to delist from AIM

    MUMBAI: Eros International Plc is planning a $250 million public float in the New York Stock Exchange while delisting from the Alternative Investment Market of the London Stock Exchange.

    The filmed entertainment company has filed with the United States Securities and Exchange Commission for an initial public offering of its A Ordinary Shares to raise up to $250 million.

    Eros said it decided to move to the US capital market as it offers access to additional capital on more favourable terms and increases liquidity. “It will also offer more relevant peer group and broader analyst coverage,” Eros said in its filing.

    The number of shares to be offered and the price range for the offering have not yet been determined.

    Eros has appointed Deutsche Bank Securities, BofA Merrill Lynch, Citigroup and UBS Securities LLC as joint book-runners for the offering.

    The company plans to use the proceeds from the proposed IPO to fund new co-productions and acquisitions of Hindi and regional film catalogue content and film-related content. The IPO money will also be utilised to grow its digital distribution channel and strengthen other distribution channels.

    Eros, which was listed on Bombay Stock Exchange and National Stock Exchange in 2010, also revealed that it will not pay any dividends in the foreseeable future and intends to retain future earnings. The company has not declared any dividend since incorporation in 2006 as all profits have been retained and utilised to grow its business.

    For the fiscal 2011, the company‘s revenue grew to $164.6 million, from $149.7 million a year ago. Eros has posted revenue of $166.3 million for the nine months ended 31 December 2011, from $124.3 million in the same period of the earlier year.

    EBITDA increased to $58.6 million for fiscal 2011 from $53.2 million for fiscal 2010. It stood at $59.6 million for the nine months ended 31 December 2011 compared to $45.4 million a year ago.

    The aggregate outstanding debt of the company stood at $228.6 million as of 31 December 2011, with $16.2 million remaining available under existing financing arrangements, and cash and cash equivalents of $120 million.

    The company revealed that it will release over 270 new films over the next three fiscal years and has aggregated a film library of over 1,900 films, plus approximately 700 additional films for which it only holds digital rights.

    Eros also claimed that its international distribution network extends to over 50 countries, including US, UK, Germany, Poland, Russia, Indonesia, Malaysia, Taiwan, Japan, South Korea, China and Arabic speaking countries, where Indian films are released through dubbing in local languages.

    The company intends to list its common stock on the New York Stock Exchange under the symbol “Eros”.