TVN expects to sign a deal with ITI on the 82.35% stake acquisition of Onet at the end of July. As previously announced TVN will launch a tender offer at PLN165 for the remaining stake. Currently Onet trades at PLN156 per share.
Our view: While we see the transaction positively from the strategic view, as noted in our flash note on the transaction, we regard the price of PLN1,093m for the stake in Onet as too high. Nevertheless, we reiterate our Buy recommendation.