Zee Entertainment - Mega Merger, Mega Value Unlocked; Time Correction Likely: Dolat Capital
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Dolat Capital Report
Zee Entertainment Enterprises Ltd. and Sony Pictures Networks India Pvt Ltd. have signed a binding term sheet for the merger within the stipulated 90 days period of signing non-binding term sheet. Deal contours remain broadly unchanged. Zee would merge into Sony.
Transaction may complete in 10-12 months (management estimate- eight to 10 months) and six to nine months more for integration.
Merged entity to have $1.6-1.8 billion cash and cash equivalent ($1.5 billion from Sony) to be utilised for investments into sports, digital business and sports content. Approval from 75% of the shareholders is inevitable.
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