Hasbro’s $4 billion deal to buy the studio behind Peppa Pig may not end as happily as most episodes of the porcine preschool cartoon. AntonyMCurrie explains:
Hasbro said on Aug. 22 it has agreed to buy Entertainment One for 5.60 British pounds a share, or about 2.8 billion pounds , a roughly 26% premium to its last closing price. Including net debt, the enterprise value of the deal for the owner of Peppa Pig and PJ Masks is around $4 billion.
The U.S. toymaker intends to sell new shares to cover between $1 billion and $1.25 billion of the purchase price and will borrow the rest. Hasbro will keep paying its dividend but is suspending share repurchases until its gross debt falls below its leverage target of 2.5 times EBITDA, which it expects will take three to four years.Centerview is advising Hasbro and JPMorgan Cazenove is advising Entertainment One.
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