TVC Holdings has bought an 11% stake in UTV media for €19m. The company is now the single largest shareholder in UTV.
The deal is TVC Holdings' second new investment following its listing on Dublin's IEX and London's AIM market last year.
The company said the investment reflects its stated investment strategy of acquiring significant stakes in both public and private companies across a range of sectors, principally in the UK and Ireland.
Its existing portfolio includes the Norkom Group, and the Quality/Comfort Inn hotel chain, led by Pat McCann, the former boss of the Jurys Doyle Group.
'We believe UTV is a well managed business, which is currently undervalued by the market', commented Shane Reihill, Executive Chairman of TVC Holdings.
'We believe that, following UTV's recent rights issue and associated re-financing of its balance sheet, the Company is in a strong position to deliver upon its strategy and maximise value for all its shareholders,' he added.
Shares in the company were up almost 3% to 90 cent this afternoon.
