Eros to acquire B4U for over Rs 275 cr
New Delhi: Eros International Media on Tuesday said it will acquire remaining 76 percent stake in B4U Television Network for a total consideration of USD 53.1 million (over Rs 275 crore).
"Eros International Media Ltd...Advises that its parent company Eros International Plc anticipates entering into a definitive agreement on or after April, 2012, to acquire control of B4U Television Network," Eros International Media said in a filing to the BSE.
The company will acquire about 76 percent of B4U for a "cash and share consideration of USD 53.1 million", it added.
Eros currently holds about 24 percent stake in B4U, but does not have significant influence over the company.
Commenting on the development, Eros International Plc Chairman and CEO Kishore Lulla said: "We are delighted to announce our anticipated acquisition of the remaining 76 percent of B4U. We expect that B4U's global network as well as its film and music content will complement Eros' existing product offering."
B4U is available in over 100 countries, including India, the UK, the US and Canada. It distributes Bollywood content through B4U Movies and B4U Music.
Shares of Eros International Media on Tuesday closed 1.16 percent up at Rs 191.45 apiece on the BSE.