The new company, valued at 4.1 billion euros, will include in particular its capital Vincent Bolloré, Bernard Arnault, Marc Ladreit de Lacharrière and Rodolphe Saadé.
New major operation for Stéphane Courbit. At 57, the French entrepreneur, who started his ascent by producing “Loft Story” in 2001, decided to introduce his TV production company Banijay and his Paris online group Betclic on the stock market. Renamed FL Entertainment, the new entity, known for successes such as “Koh Lanta”, “Survivor”, “Master chef” or “Fort Boyard”, or series like Versailles or Peaky Blinders, will be listed on the Amsterdam Stock Exchange The 1 er July.
“It’s a good time from an industrial point of view: television production is a very fragmented sector. We are the world number one with only 3 % of the market, explains François Riahi, Stéphane Courbit’s right arm. We want to participate in the consolidation that takes shape. “The operation values the company, which also supports a debt of 2.3 billion euros, at 4.1 billion euros.
Complex, this IPO takes place in two stages. It begins with the merger of Banijay/Betflic with Pegasus Entrepreneurs, one of the Special Purpose Acquisition Companies (SPAC) set up by the management consulting company Tikehau and by Financière Agache (Bernard Arnault). In the United States, Spacs, these listed vehicles that lift funds before they even indicated in which company or what type of activity they were going to invest, have less wind, due to certain abuses.
“The difference is that with Financière Agache we take a participation in Fl Entertainement, of which we will have 2 % of the capital, or 80 million euros invested. Our interests are therefore aligned with those of other investors” , Indicates a spokesperson for Tikehau, implying that some American SPAC creators were content to receive fees without taking any risks. 2>
620 million euros of money
The Table of FL Entertainment will bring together the gratin of Parisian finance. In addition to Bernard Arnault, who returns to Stéphane Courbit, from whom he had invested in 2008, current shareholders remain in the capital of the future entity, even reinject fresh money. Like his ally Vincent Bolloré, who, via Vivendi, will hold 19 % of the new set. Marc Ladreit de Lacharrière (Fimalac), who entered the capital of Banijay three years ago, Exor (the Société de la Famille Agnelli) or the Société des Bains de Mera de Monaco (Banijay shareholder) continue to participate in the adventure.
The Tour de Table also welcomes new investors like Axa, Rodolphe Saadé (CMA CGM) on a personal basis, or Didier Le Menestrel, who had created the La Financière de l’Échiquier management company, sold in 2019. Stéphane Courbit , via his financial holding company Lov, which also oversees its other activities such as luxury hotels, reinvests, in addition to the contribution of its titles, 250 million euros in Fl Entretainment, of which it will hold 46 % of the capital and 72 % of voting rights. In all, the structure will benefit from at least 620 million euros in fresh money. “It is a great success in a not obvious market. It shows that investors consider the company as promising,” says François Riahi.
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