Hinduja Group to buy Belgian media company Alfacam
28 Jan 2013
UK-based Hinduja group struck a deal over the weekend to buy Belgian media company Alfacam, a provider of TV facilities and services to European broadcasters and production houses.
London-based Hinduja Group has started exclusive negotiations including due diligence in order to close the transaction. The deal has the support of the Flemish government.
Alfacam, the operator of Europe's largest fleet of high-definition broadcast vans, had filed for bankruptcy protection with the Antwerp Court in July 2012. The company owes around €58 million to banks including ING Groep NV and KBC Groep NV following an ambitious attempt to extend its business into South America and India.
The court has already granted it two three-month extensions to restructure itself - the last given until 5 February 2013.
Alfacam provides television facilities and services to broadcasters and production houses.
It operates through three divisions: the TV Services division , which provides multicamera television services and wireless television services; the Eurocam Media Center division, which comprises the multi-functional complex with 16 studios in Lint, and the content division, which includes the international cultural channel HD1 and the play-out services for the group.
This division manages a portfolio of international cultural programs in High Definition Television and in three dimensions.
The company is mainly active outside Belgium, and was the broadcaster of the Olympic Games held in London last year.