Kudelski Group Makes Open TV Move, Posts Net Loss in 2008
[Satellite Today 03-02-09] The Kudelski Group, a supplier of conditional access services to DTH operators, will take control of OpenTV in a $130 million deal, Kudelski announced Feb. 27.
Kudelski has submitted a non-binding proposal to acquire the outstanding class A ordinary shares of OpenTV at $1.35 per share in cash. It implies total consideration to be paid to the non-Kudelski shareholders of about $127 million. This represents a 35 percent premium to OpenTV’s closing share price Feb. 26.
In October 2006, Kudelski signed a contract to team up with OpenTV while acquiring a 26.7 percent of the economic interest and 74.7 percent of the voting interest of OpenTV’s ordinary shares.
Separately, Kudelski reported net losses of 7 million Swiss francs ($6 million) in its full year 2008 results released Feb. 26. In 2007, the company had posted a net profit of 67.4 million francs ($57.8 million). The company suffered most of its losses in the first half of 2008, losing 34.9 million francs ($29.9 million) by mid-year. However, the company saw 27.9 million francs ($23.9 million) in profits in the second half of 2008.
Revenues in 2008 increased 11 percent to 1 billion francs ($882.6 million), compared to 2007.