Televisa Gets Aggressive

Televisa Gets Aggressive

Corporate & Sovereign Strategy Brazil Chile Mexico M&A Bonds

In the year through April 15, a total of 441 M&A deals have taken place in LatAm, up from 415 during the same period in 2010, according to Dealogic. However, the value of deals as of April 15 pales in comparison to those of the same period in 2010. Total deal value amounted to $40.9 billion, about half of the $81.3 billion registered in the same period of 2010. Mexico’s Grupo Televisa has been busy, announcing two separate acquisitions in April alone. It announced the acquisition of 50% of Iusacell for about $1.60 billion. Michel Morin, telecom equity analyst at Barclays, estimates a 21x EV/Ebitda multiple based on Iusacell’s 2009 Ebitda. The deal achieves Televisa’s long-

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