Turkey: Al Jazeera or beIN Media Group should acquire 53% of Digiturk's capital for €671m (press)

The Turkish pay-TV group Digiturk is about to go under Qatari control, according to information published by the Turkish press, the Middle East media and specialised media, on 18/12/2014. The TV group Al Jazeera Media Network, or its subsidiary beIN Media Group, are about to buy a 53% stake in Digiturk, held since May 2013 by the Çukurova Group, according to the various media outlets, which indicated that the acquisition could be formalised by 31/12/2014, or the beginning of 2015. The amount of acquisition is expected to be $820m (€671m as of 23/12/2014), according to information published since 18/12/2014.

In May 2013, the TMSF (insurance and savings fund of the Turkish state) seized 12 Çukurova companies, including its stake in Digiturk, because the group then showed a debt exceeding $450m (€332m). Since that date, redemption offers for this majority stake in Digiturk have been put forth by Doğan TV Holding ($742m, €548m on 03/09/2013 and $880m, €642m in January 2014), Türk Telecom ($530m, €387m in July 2014) and Providence Equity Partners, the company that owns the remaining 47…