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Mergers & Acquisitions : The Case Gr...

Crespo, Pedro Barreto Goulao,

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Mergers & Acquisitions : The Case Grupo Media Capital and PT Portugal /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Mergers & Acquisitions : The Case Grupo Media Capital and PT Portugal // Pedro Barreto Goulao Crespo.
Author:	Crespo, Pedro Barreto Goulao,
Description:	1 electronic resource (79 pages)
Notes:	Source: Masters Abstracts International, Volume: 85-07.
Contained By:	Masters Abstracts International85-07.
Subject:	Investments. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30806033
ISBN:	9798381367874

Mergers & Acquisitions : The Case Grupo Media Capital and PT Portugal /
Crespo, Pedro Barreto Goulao,

Mergers & Acquisitions : The Case Grupo Media Capital and PT Portugal /Pedro Barreto Goulao Crespo. - 1 electronic resource (79 pages)

Source: Masters Abstracts International, Volume: 85-07.

Over the last 2 years, Altice Group has been one of the most active telecommunication companies, making acquisitions in different countries, not only in the telecommunication sector but also in the media sector. According to the multinational company, the expansion into the media industry, in the countries where they have already telecommunication operations, brings many and important synergies to their overall operation.After Altice have bought PT Portugal, some rumors came up about the possibility of Altice also entering in the media market in Portugal. Taking up these rumors I decided to study the potential acquisition of Grupo Media Capital by Grupo Altice, through PT Portugal.Along the thesis, I explain relevant M&A literature, make a review on both sectors (media and telecommunication) and companies, and at the end also calculate the standalone valuation of both companies and the synergies that may arise from this deal. After all these procedures, I conclude that this is the perfect moment for PT Portugal to make an offer to Group Prisa (Grupo Media Capital major shareholder). Grupo Prisa should be willing to disinvest in their Portuguese position and taking into account my calculations, Grupo Media Capital share price is undervalued. PT Portugal should make an offer of €4.84 per share, if considering a premium composed by 75% of the cost reduction synergy and 25% of the advertising revenue synergy.

English

ISBN: 9798381367874Subjects--Topical Terms:

566987
Investments.

Mergers & Acquisitions : The Case Grupo Media Capital and PT Portugal /
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500 $a Source: Masters Abstracts International, Volume: 85-07.
500 $a Advisors: Bonfim, Henrique.
502 $b M.M. $c Universidade Catolica Portuguesa (Portugal) $d 2016.
520 $a Over the last 2 years, Altice Group has been one of the most active telecommunication companies, making acquisitions in different countries, not only in the telecommunication sector but also in the media sector. According to the multinational company, the expansion into the media industry, in the countries where they have already telecommunication operations, brings many and important synergies to their overall operation.After Altice have bought PT Portugal, some rumors came up about the possibility of Altice also entering in the media market in Portugal. Taking up these rumors I decided to study the potential acquisition of Grupo Media Capital by Grupo Altice, through PT Portugal.Along the thesis, I explain relevant M&A literature, make a review on both sectors (media and telecommunication) and companies, and at the end also calculate the standalone valuation of both companies and the synergies that may arise from this deal. After all these procedures, I conclude that this is the perfect moment for PT Portugal to make an offer to Group Prisa (Grupo Media Capital major shareholder). Grupo Prisa should be willing to disinvest in their Portuguese position and taking into account my calculations, Grupo Media Capital share price is undervalued. PT Portugal should make an offer of €4.84 per share, if considering a premium composed by 75% of the cost reduction synergy and 25% of the advertising revenue synergy.
520 $a Durante os ultimos dois anos, o Grupo Altice tem sido uma das empresas mais activas na area das Telecomunicoes, fazendo aquisicoes em diferentes paises, nao apenas no sector das telecomunicoes mas tambem no sector dos media. De acordo com a empresa multinacional, a expansao para o sector dos media, nos paises onde a empresa ja tem operacoes na area das telecomunicacoes, pode trazer sinergias importantes.Depois da Altice ter comprado a PT Portugal, surgiram rumores sobre a possibilidade da empresa entrar no sector dos media em Portugal. Com base nestes rumores, decidi estudar a potencial acquisicao do Grupo Media Capital pelo Grupo Altice, atraves da PT Portugal.Durante a tese, explico os conceitos relacionados com M&A e faco uma revisao dos dois sectores e das duas empresas. No final, calculo o valor das duas empresas individualmente e das sinergias que possam ser geradas com este negocio. Depois de todas estas fases, concluo que este e o momento ideal para a PT Portugal fazer uma oferta ao Grupo Prisa (accionista maioritario do Grupo Media Capital). O Grupo Prisa podera estar disposto a desinvestir da sua posicao em Portugal e para alem disso, segundo os meus calculos, o preco das accoes da Media Capital esta subavaliado. A PT Portugal devera fazer uma oferta de 4.84 € por accao, considerando um premio que corresponde a 75% da sinergia de reducao de custos e 25% da sinergia de receitas de publicidade.
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