Elisa Oyj Class A · OMXHEX:ELISA
Elisa Oyj Class A — Merger or Acquisition (December 2016)
7 slides from Elisa Oyj Class A's merger presentation, Dec 13, 2016
Slide 1: Acquisition of AS Starman
Acquisition of AS Starman 13 December 2016
Slide 2: Elisa acquires cable TV operator, Starman Estonia
Elisa acquires cable TV operator, Starman Estonia • The Estonian pay TV market leader Acquisition of a strong, well- performing business • High profitability (2015 EBITDA-margin 49%) and growth track record • Highly complementary operations and service offerings Significantly enhances Elisa’s positi
Slide 3: Creating a new integrated operator in Estonia
Creating a new integrated operator in Estonia Elisa Estonia and Starman • New Elisa Estonia Revenue and EBITDA in 2015, €m • Wider customer base 140 132 • Expanded service offering to both 2015 EBITDA-margin Elisa and Starman customers 120 37 Elisa 31% • No overlapping networks 100 Starman 49% New E
Slide 4: Starman Estonia in a nutshell
Starman Estonia in a nutshell Market Position Coverage Financials • Estonian #1 in paid TV • Cable network covering >50% of Revenue*, €m and YoY change, % subscription services Estonian households • Market share c. 35% • > 300,000 homes passed • Upgraded to Docsis 3.0 37 39 34 • Estonian #2 in fixed
Slide 5: Transaction details
Transaction details • Elisa will buy 100% of AS Starman’s share capital from Polaris Invest and Com Holding • Purchase price (EV) €151 million paid in cash • Represents approximately 8.4x 2015 EBITDA • Elisa is providing temporary loan funding to sellers • Seller will use pre-emption right before tr
Slide 6: Transaction impact
Transaction impact • Earnings • Accretive to Elisa’s EPS already in 2017 • Leverage • Increase in Net debt / EBITDA of c. 0.2x on a 2015 pro forma basis • Synergies • Attractive areas of synergies including cross-/up-selling as well as cost savings • EBITDA impact neutral in 2017 and c. €4-6 million
Slide 7: Thank you
Thank you