Wednesday, February 8th, 2023 20:10:24

Videocon D2h To Sell 33.5% Stake To Us-Based Seac

Updated: January 24, 2015 4:15 am

Videocon D2H, the direct-to-home service provider arm of $10-billion Videocon Group, has entered into an agreement with Silver Eagle Acquisition Corp (SEAC), under which the US-based special purpose acquisition company will invest $300 million for about 33.5 per cent stake, valuing the company at $900 million. The transaction has been done through American Depository Receipts, bought and sold on American markets just like regular stocks, through which Videocon D2H will get listed on Nasdaq. The people added that SEAC’s minority stake acquisition will allow American company’s chief executive Harry Sloan and president Jeff Sagansky to come on the board of Videocon D2H. The agreement between the companies was closed on December 31, 2014.

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