MTG Cancels Deal for Sale of Bulgaria's Nova Broadcasting Group to PPF
Swedish entertainment company Modern Times Group (MTG) said on Monday that it has decided to terminate its agreement to sell its Bulgarian unit Nova Broadcasting Group to Czech-based investment group PPF."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 said in a statement.MTG has entered into discussions with other interested parties regarding the sale of its stake in Nova Broadcasting Group, the Swedish company said.MTG also said it expects to complete its split into two companies - MTG and NENT Group - in March 2019, and Nova will remain part of MTG until its sale is completed. Nova Broadcasting Group is 95%-owned by MTG, while Luxembourg-registered Eastern European Media Holdings holds the remaining 5%. PPF Group was planning to acquire the company through its Dutch-registered unit PPF TMT Bidco 2.