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[November 20, 2009]

Telefonica's buy of Digital+ seen "imminent"

(M&A Navigator Via Acquire Media NewsEdge) Spain's telecoms giant Telefonica's (MCE:TEF) acquisition of satellite TV platform Digital+ from local media group Prisa (MCE:PRS) is "imminent", local El Economista said on Friday, citing sources close to the talks.

Telefonica's board will meet next Wednesday, the sources added, but refused to say whether the meeting will focus on the deal.

Telefonica's chairman, Cesar Alierta, said on 30 October that talks with Prisa were progressing. Telefonica is looking to get hold of a minority stake in Digital+, which suggests that it may team up with another interested buyer, he said then.

Meanwhile Prisa, lowered the price for Digital+ by EUR500m (USD742m) to EUR2bn. In 2008 Prisa bought Digital+'s operator, Sogecable (MCE:SGC), thus accumulating debt. It has to pay some EUR1.95bn of its EUR5.1bn debt load by March next year.

Country: Spain Sector: Media Target: Digital+ Buyer: Telefonica SA Vendor: Prisa Deal size in USD: 2.97bn Type: Corporate acquisition Status: Talks ((Comments on this story may be sent to tww.feedback@m2.com)) (c) 2009 M2 COMMUNICATIONS

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