Radio City acquires ABP’s Friends FM

24 Apr,2018

By A Correspondent

 

Music Broadcast Limited (MBL) has announced that its board has approved the acquisition of the radio division of Ananda Offset Private Limited by way of slump sale. The transaction allows MBL to enter into the Kolkata market and partner Friends FM which has been in the market for over a decade.

 

Under the terms of the agreement MBL will acquire 100 per cent ownership of the radio division of AOPL, subject to MIB approval. The transaction is by way of slump sale on a going concern basis.(Slump sale means transfer of one or more undertakings as a result of the sale for a lump sum consideration, without values being assigned to the individual assets and liabilities: caindia.com)

 

Commenting on the announcement, Apurva Purohit, Director, MBL said:“We are happy to announce that the board today approved the acquisition of the radio division of Ananda Offset Private Limited (AOPL).  This acquisition gives us access in the Kolkata market which is considered as one of the Top 5 markets in the country which was earlier not present in our bouquet.  I am very confident that the coming together of strong and established brand like ‘Friends FM’, the high quality local team it has and our national footprint across all key cities in India will give us several opportunities to create EPS accretive synergies.”

 

 

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