5 December 2011 – disposal
Media group Mecom has agreed the sale of its Norwegian business for total enterprise value of €222m. After various adjustments, total proceeds to Mecom will be €231m and this will significantly strengthen the group’s balance sheet and the news has, predictably, gone down well with investors. Mecom is currently undergoing a strategic review of its operations, the results of which are expected to be announced in January 2012. Although the shares have moved up sharply on the news this morning, they are a lomg way below the level of 310p reached last April and they remain a LONG TERM BUY.