New major operation for Stéphane Courbit. At 57, the French entrepreneur, who began his ascent by producing “Loft Story” in 2001, has decided to list his television production company Banijay and his online betting group Betclic on the stock market. Renamed FL Entertainment, the new entity, known for hits such as “Koh Lanta”, “Survivor”, “Master Chef” or “Fort Boyard”, or series like Versailles or Peaky Blinderswill be listed on the Amsterdam Stock Exchange on 1is July.
“It’s a good time from an industrial point of view: television production is a very fragmented sector. We are world number one with only 3% of the market, explains François Riahi, right arm of Stéphane Courbit. We want to participate in the consolidation that is taking shape. » The operation values the company, which also bears a debt of 2.3 billion euros, at 4.1 billion euros.
Complex, this IPO takes place in two stages. It begins with the merger of Banijay/Betflic with Pegasus Entrepreneurs, one of the Special Purpose Acquisition Companies (SPAC) set up by the management consulting firm Tikehau and by Financière Agache (Bernard Arnault). In the United States, the SPACs, these listed vehicles which raise funds even before having indicated in which company or what type of activity they were going to invest, have less wind in their sails, because of certain abuses.
“The difference is that with Financière Agache we are taking a stake in FL Entertainment, in which we will have 2% of the capital, or 80 million euros invested. Our interests are therefore aligned with those of other investors.”indicates a spokesperson for Tikehau, implying that certain creators of American SPACs have been content to receive fees without taking any risk.
620 million euros in fresh money
The round table of FL Entertainment will bring together the gratin of Parisian finance. In addition to Bernard Arnault, who is returning to Stéphane Courbit, in whom he invested in 2008, the current shareholders remain in the capital of the future entity, or even reinject new money. Like his ally Vincent Bolloré, who, via Vivendi, will hold 19% of the new group. Marc Ladreit de Lacharrière (Fimalac), who entered the capital of Banijay three years ago, Exor (the Agnelli family company) or the Société des Bains de Mer de Monaco (shareholder of Banijay) continue to participate in the adventure.
The round table also welcomes new investors such as Axa, Rodolphe Saadé (CMA CGM) on a personal basis, or Didier Le Menestrel, who created the management company La Financière de l’échiquier, sold in 2019. Stéphane Courbit, via his holding Financière Lov, which also oversees its other activities such as luxury hotels, is reinvesting, in addition to the contribution of its shares, 250 million euros in FL Entertainment, in which it will hold 46% of the capital and 72% of the rights of voting. In all, the structure will benefit from at least 620 million euros in fresh money. “It’s a great success in a difficult market. It shows that investors view the company as promising.”welcomes François Riahi.
You have 32.19% of this article left to read. The following is for subscribers only.
