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Nova Polonia and Financierings-Maatschappij to sell stake in Helios

Nova Polonia Private Equity Fund and Financierings-Maatschappij Voor Ontwikkelingslanden have agreed to sell an 84 per cent stake in Centrum Filmowe Helios, a cinema operator, to the publisher Agora.

Both Agora and Helios are based in Poland.

The purchase consideration of EUR25m could be increased by EUR1.06m depending on the outcome of the test by an external expert in liabilities of Helios.

Nova Polonia Private Equity Fund is a Poland-based private equity fund, while Financierings-Maatschappij is a Netherlands-based entrepreneurial development bank.

Agora intends to reduce dependence on the newspaper advertising market. The acquisition of shares of Helios would be in line with its long term strategy which represents diversifying its revenue sources and expanding the activities in the growing sectors of wider media.

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