Cofina Media sale “is much more than a question of money”

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Media Capital announced today a binding offer to buy all the shares of Cofina, with the acquisition value free of encumbrances and charges, for 80 million euros.

“The promoters of the MBO [‘Management Buy Out’] of Cofina Media, in view of the proposal presented today by Media Capital, wish to clarify that the proposal presented by the management, entirely friendly, is supported by a solid financial structure and is motivated by the purpose of defending the company’s jobs, in such a relevant and already fragile sector, as well as the guarantee of editorial independence and freedom of expression, which have always been the values of Cofina Media and CMTV publications,” said Luís Santana.

A group of company executives, led by Luís Santa, launched an MBO for the purchase of Cofina Media.

“The promoters also understand that, since the structuring values of democracy are at stake, the question of the sale of Cofina Media is much more than a question of money”, concluded the executive director.

On July 17, Cofina confirmed that Cristiano Ronaldo is part of the proposal to buy the media company, through a vehicle with other investors, called Expressão Livre.

The company, Cofina announced at the time, will be owned, directly or indirectly, by Luís Santana, Ana Dias, Octávio Ribeiro, Isabel Rodrigues, Carlos Rodrigues, Luís Ferreira, Carlos Cruz, Cristiano Ronaldo, Domingos Vieira de Matos, Paulo Fernandes and João Borges de Oliveira.

Cofina SGPS received on June 30 a binding offer for the purchase of the entire share capital of Cofina Media which valued the company (‘enterprise value’) at 75 million euros.

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