Regional affiliate WIN Corporation has announced it is buying further shares in the Nine Network, from US hedge fund Apollo.
In a statement released it announced:
WIN Corporation (“WIN”) announced today that its related entity, Birketu Pty Ltd (“Birketu”), a private investment company owned by the Gordon family, has entered into an agreement to increase its shareholding in WIN’s affiliation partner Nine Entertainment Co. Holdings Limited (“Nine”) with the result that on completion of the agreement WIN and Birketu will in aggregate own approximately 14.95% of Nine.
WIN has been a long time investor in Free to Air Television in Australia with investments in a number of Television broadcasters. WIN and the Gordon family have had a close association with Nine dating back to the early days of television in Australia when Bruce Gordon was a director on Sir Frank Packer’s Channel Nine board. WIN has been an affiliate of Nine in Regional Australia for the last 26 years.
WIN and Birketu were advised by KPMG Corporate Finance.
The Australian Financial Review reports WIN will purchase approximately 13 per cent of Nine from Apollo, which has a holding of 22 per cent. The deal is expected to be complete on November 9 and will leave Apollo with 9 per cent of Nine. Bruce Gordon also owns just under 15 per cent of Network TEN Holdings.
This post updates.