Elovitch earns $23m on Pilat Media sale

Shaul Elovitch has sold his stake in Pilat Media to his partner, Riverwood Capital's SintecMedia, at a value of $100 million.

Shaul Elovitch has sold his stake in Pilat Media Global Ltd. (AIM: PGB; TASE: PLMG) to Riverwood Capital for $100 million. Pilat Media is controlled by Elovitch through Eurocom Group, which owns 23.9% of the company, and by Riverwood portfolio company SintecMedia Ltd., which owns 22.7%

Sintec Media will pay £63.3 million (£0.95 per share), 29% over Wednesday's closing price of £0.735, giving a market cap of £45.5 million, for Eurocom's stake. Elovitch will make $23 million on the sale.

Riverwood acquired SintecMedia two years ago, and is effectively completing the takeover of Pilat Media.

SintecMedia and Pilat both develop business management software for broadcasters worldwide, providing end-to-end integrated and modular solutions. Given the rapidly evolving market, in which new players and technologies present opportunities, but also difficult challenges, the boards of the two companies believe that a merger will create economies of scale.

Published by Globes [online], Israel business news - www.globes-online.com - on January 16, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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