Chinese private equity firm Orient Hontai has struck a deal to acquire a majority stake in Imagina, the parent company of Spanish agency Mediapro.
According to the Reuters news agency, Orient Hontai will snap up 54 per cent of Imagina for $1bn (€850m). The deal still has to be approved by the Chinese administration, the report added.
Imagina founder and chairman Jaume Roures told Reuters that Orient Hontai had reached a preliminary deal with three of Imagina’s shareholders to acquire the stake.
The selling shareholders are Spanish private equity firm Torreal, which has a 23-per-cent stake, Mexican media company Televisa, which has a 19-per-cent shareholding, and one of the company’s founders, Gerard Romy, who has a 12-per-cent stake.
Roures added that there are hopes that the deal will close in the first quarter of 2018.
Under a so-called “shareholders’ pact,” Roures and co-founder Tatxo Benet – both of whom still have a 12-per-cent stake each – will remain in charge of the company.
"The shareholders' pact does not have any expiration date," Roures said.
Imagina entered exclusive talks with Orient Hontai in May, with the likes of Vivendi, Dalian Wanda and Liberty Media having previously expressed an interest, Reuters added. According to reports in June, Orient Hontai had been in talks to acquire a shareholding of up to 76 per cent.
Mediapro has domestic rights to LaLiga and also markets international rights to the top Spanish football division. Mediapro also holds rights in Spain to sports properties such as football’s Uefa Champions League.