* 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 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
The deal remains subject to conditions, including regulatory
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)