Lagardère Sports: US investment fund H.I.G. Capital offers to buy 75% of the agency

Lagardère has received an offer from the US investment fund H.I.G. Capital to purchase 75% of the sports marketing agency Lagardère Sports, according to the publishing, production, broadcasting and content distribution group on 12/16/2019.

"This planned disposal values Lagardère Sports at approximately €110m (€55m in net cash and €55m in liabilities), and the Lagardère Sports and Entertainment division as a whole at around €150m. This valuation does not include the future value creation potential of the Group's residual 25% interest in Lagardère Sports, or any potential gains from the Confederation of African Football (CAF) agreement. The Group anticipates recognising a write-down estimated at between €210m and €240m, notably deriving from the unilateral cancellation of the CAF agreement (see below)," explained Lagardère.

"The planned disposal will be submitted to the relevant employee representative bodies and is subject to clearance from the competition authorities. The transaction is targeted to close before the end of the first quarter of 2020," added Lagardère who announced…