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Prisa to get US$868 million cash injection after Liberty deal

A deal that sees Liberty Acquisition Corp buy into Spanish media group Prisa has been approved by the US fund’s shareholders.

Prisa said the agreement, which sees the company get a US$868 million injection of funds, clears the way for it to expand into the US and Latin America.

In broadcasting, the Spanish company owns or has stakes in pay TV platform Digital+, the Localia network and Portuguese media company Media Capital, which in turn owns free-to-air broadcaster TVI.

After the Liberty deal, the company will be listed on the New York Stock Exchange.

The agreement was approved by 74% of Liberty shareholders at an extraordinary general meeting in the US yesterday.

In the immediate wake of the approval Prisa said the deal will help it expand “with the intention of expanding into and occupying a leading position in Spanish and Portuguese-speaking markets.”

Prisa shareholders are scheduled to ratify the deal at an EGM this Saturday. The agreement will help the company lighten its €4.8 billion debt load.