Providence and Mercapital join Retos Cartera

Retos Cartera, the investment vehicle that made an offer for the Spanish media group, Recoletos, has revealed that the private equity firms, Providence and Mercapital, will form part of the shareholding structure. The shareholders in the group are as follows: Providence (25.5%), Financial Retos Partners (23.18%), Solter Investments (12.5%), Mercapital (7.5%), Investindustrial (5%), la Kutxa (5%), Caja Navarra (5%), Sociedad de Administración de Valores Inmobiliarios (2.32%), and Banesto (2%). In December 2004, the UK publishing firm, Pearson, which owns 79% of Recoletos, and Retos Cartera announced an agreement relating to a cash offer for Recoletos. Retos Cartera proposed to make a public tender offer of E7.20 per Recoletos share for the entire share capital of Recoletos. This valued the company at E941m and Pearson's 79% stake at E743m. The offer has been given regulatory approval and is expected to complete in the next few weeks. Recoletos own the financial newspaper Expansión and the sports publication Marca, amongst others.

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• Topics
• Southern Europe
• Media