Advised Sportal Media Group on the sale of a majority stake to the Swiss media group Ringier

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Client: Sportal Media Group

Sportal Media Group (SMG, Group) is the largest independent online media in Bulgaria by revenue and profitability, operating a portfolio of more than 30 websites across a diverse set of categories
With over 85,000,000 page views per month, the content of the Group reaches 55% of Bulgaria’s online population

Ringier AG is the largest internationally operating Swiss media company, producing over 120 newspapers and magazines. It also runs printing plants, several radio and TV stations and well over 80 web and mobile platforms with a worldwide staff of approximately 8,000 employees

SMG has been a long-term client of Entrea Capital with various strategic options considered throughout the years
After years of solid organic growth and capturing of dominant market position, sale of an equity stake to an international strategic partner was seen as a logical next step in the development trajectory of the Group
Ringier and Sportal were already partnering successfully in Romania through a joint venture in the digital media space (Ringier Sportal S.R.L.), and the acquisition of Sportal represented a natural extension of the partnership

Entrea Capital provided the whole spectrum of sell-side advisory services to SMG:

Entire process management
Drafting of comprehensive company presentation, providing overview of the operations and the development potential
Development of detailed financial projections serving as a basis for the valuation discussion
Negotiation of non-binding term sheet
Assistance in the execution of the due diligence phase, including setting up of a virtual data room
Negotiation of the full package of definitive transaction documents, including share purchase agreement (SPA), shareholder agreement (SHA), etc.