Bollywood film giant, Eros International has confirmed it will be acquiring the remaining 76 per cent stake for a cash and share consideration of $53.1 million (Rs 2.8 billion).
According to a report on IndianTelevision, Eros anticipates ���entering into a definitive agreement on or after 24th April to acquire control of B4U. The TV broadcast company is currently controlled by steel magnate Lakshmi Mittal and London-based industrialist Gokul Binani.
Eros International chairman and CEO Kishore Lulla said, ���We are delighted to announce our anticipated acquisition of the remaining 76 per cent of B4U. We expect that B4U’s global network, as well as its film and music content, will complement Eros’ existing product offering.”
Eros cautioned that the pending acquisition of B4U remains subject to customary closing conditions, including the receipt of necessary regulatory approvals, and may not occur on the expected terms or at all.