Central European Media gets final regulatory nod for sale of Croatian assets
Central European Media Enterprises announced that United Group has received the final requisite regulatory approvals to complete the sale, previously announced on July 10, of our operations in Croatia to Slovenia Broadband, a subsidiary of the United Group.The transaction is expected to be completed on July 31. CME also previously announced on July 10, 2017 that it agreed to sell its operations in Slovenia to the United Group, and that transaction still remains subject to certain closing conditions, including receipt of Slovenian regulatory approval. The cash purchase price for Nova TV in Croatia is EUR 85M, approximately $99.1M, plus a working capital adjustment, which is still to be finalized. Proceeds will be used to repay debt and related payables, including the remaining balance of the EUR $40.8M term loan due 2019, resulting in our nearest debt maturity being 2021.