-=Central European Media (CETV) to be acquired by PPF Group for $4.58/share

Central European Media to be acquired by PPF Group for $4.58/share in cash, or approximately $2.1 bln

This valuation represents a premium of approximately 32% to CME's share price prior to the announcement on March 25, 2019 that the Company was commencing a process to explore and evaluate potential strategic alternatives.

Commenting on the deal, AT&T (T) said that under the terms of the agreement, it will receive approximately $1.1 billion in cash at close and will also be relieved of a $575 million debt guarantee. The sale is consistent with AT&T's plans to monetize non-strategic assets as it continues to pay down debt. Given the company's confidence in reaching a net debt-to-adjusted EBITDA ratio in the 2.5x range by the end of this year, shareholders should expect that share buybacks will be in the mix in the fourth quarter of 2019, along with continued de-levering.

• The investment group PPF, owned by the Czech Republic's wealthiest businessman, Petr Kellner, 
• CME will join PPF's telecoms stable, which includes O2 Czech Republic and Telenor assets in Hungary, Bulgaria, Montenegro and Serbia in 2018.
• Kellner, who is No. 73 on Forbes' world billionaires list with net worth of $15.4 billion, has built PPF since the early 1990s into a group with assets exceeding 45 billion euros ranging from lenders to real estate and telecommunications in Europe and Asia. PPF owns global consumer lender Home Credit, a major player in China.
• CME, which AT&T inherited after it bought Time Warner in 2018, has boosted revenue and profits in recent years due to rising advertising spending, with the Czech and Romanian markets its biggest profit drivers.