UPDATE 2-France's PAI Partners to buy Euro Media Group
* Deal worth up to 200 mln euros - source
* Equivalent to about 4 times EMG's EBITDA - source (Adds financing details)
By Clare Hutchison and Freya Berry
LONDON, April 24 (Reuters) - French private equity firm PAI Partners is to buy audiovisual services provider Euro Media Group (EMG) in a deal which one source familiar with the matter said was worth up to 200 million euros ($277 million).
EMG, which provides television footage for events including the Fifa World Cup and the Winter Olympics, is the second investment by PAI's new Europe VI fund.
It was reported earlier this year that the Europe VI fund had raised 1.4 billion euros over 10 months, almost half of its planned 3 billion euro total.
PAI has purchased EMG for a multiple of four times its earnings before interest, tax, depreciation and amortisation (EBITDA), the source said.
EMG's existing debt will remain in place following the acquisition including term loans totalling 105 million euros raised in 2010 when Natixis, ABN Amro and BNP Paribas were lead banks on the deal, sources close to the company said.
Other debt, including financial leases backed on assets will also remain in place, they added.
EMG is planning to expand through acquisitions and developing new services. It provides services such as slow-motion footage and wireless transmission of events, and already owns Europe's largest fleet of outside broadcasting trucks.
The deal remains subject to conditions, including regulatory authorisation.
The transaction is expected to be finalised in the second quarter of the year, the companies said.
($1 = 0.7231 Euros) (Additional reporting by Claire Ruckin; Editing by Jane Barrett and Mark Potter)