Orient Hontai will increase its shares in Spain’s TV group Mediapro by 30 per cent, up to 85 per cent for €620 million, according to El Confidencial.

The Chinese group will pay €400 million to amortise part of the Mediapro’s debt €900 million whereas the rest, €220 million will be destined to increase the social capital.

With the move, the British WPP has reduced its share to 7 per cent and Jaume Roures, president of Mediapro and Tatxo Benet, to 8 per cent.

Mediapro had requested the Government financial aid of €230 million to re-float the company.

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Categories: Articles, Business, M&A

Tags: china, Mediapro, spain, WPP