Sunshine Acquisition, a company set up by Apax Partners’ Funds, closes acquisition of Hit Entertainment
26 May 2005
London, UK - Sunshine Acquisition Limited, a
company formed by Funds advised by Apax Partners to acquire Hit
Entertainment, today announced it has completed the acquisition of
Hit for £489.4 million.
Sunshine Acquisition's 300p a share offer, structured as a
Scheme of Arrangement, was approved this week at a court
At a Court Meeting and Extraordinary General Meeting on 28
April, the Scheme was approved by a majority in number of the
Independent Scheme Shareholders present and voting (in person or by
proxy) representing more than three-fourths in value of the
Independent Scheme Shares present and voting (in person or by
proxy). Of those votes cast, over 99% approved the Scheme; and at
the Extraordinary General Meeting, HIT Shareholders passed the
Special Resolution by the requisite majority. Of those votes cast,
over 99% were in favour of the Resolution.
About Apax Partners
Apax Partners is one of the world's leading private equity
investment groups, operating across the United States, Europe and
Israel. Apax Partners has raised or advised approximately $20
billion around the world. With more than 30 years of direct
investing experience, Apax Partners' Funds provide long-term equity
financing to build and strengthen world-class companies. It pursues
a multi-stage equity investment strategy, investing in late
venture, growth capital and buyouts.
Apax Partners' Funds invest in companies across its chosen
global sectors of Tech & Telecom, Retail & Consumer, Media,
Healthcare and Financial & Business Services. For more
information visit: www.apax.com.
About HIT Entertainment
HIT is one of the world's leading independent rights-owning
children's entertainment companies. At the heart of HIT's portfolio
are internationally renowned children's properties, including Bob
the BuilderTM, BarneyTM, Thomas & FriendsTM, Angelina
BallerinaTM, PinguTM and Guinness World RecordsTM. Since the
Company's launch in 1989, HIT has developed activities spanning
television and video production (with studios in the US and the
UK), publishing, consumer products licensing and live events and
has operations in the UK, US, Japan and Canada.
HIT is now one of the largest children's video distributors in
the UK and the US. With over 1,000 episodes of young children's
programming, HIT sells programmes to over 200 territories
In October 2004, HIT announced its plans to launch a dedicated
24-hour digital pre-school channel in the US in September 2005
together with Comcast Corporation (the largest US cable company),
PBS (the US public broadcasting service) and Sesame Workshop
(creators of Sesame Street and other award-winning series).
For the financial year ended July 31, 2004, HIT reported
turnover of £148.1 million, from its consumer product, home
entertainment activities, television and stage show activities.