Nimbus Communications, the company which shot to fame after winning the global TV rights for cricket from BCCI, is reportedly put up for a 26% stake sale.The company is expecting over $140 million for this stake, valuing it at over $550 million. UBS has been mandated as an advisor to Nimbus. The stake sale may be through a combination of primary issue and a partial sale of secondary shares by financial investors, a final decision on the same will be taken at a later stage, Prasana Krishnan, vice- president (strategy & business development, Nimbus Communications told the daily.
In one of the biggest PE deal in the Indian media and entertainment sector, Nimbus had raised $125 million by issuing convertible debentures to 3i, Cisco and Oman International Fund, last year. Deutsche Bank and Americorp Ventures are other investors in the company, which holds global rights to Indian cricket till 2010. Earlier media reports have suggested that the investors in Nimbus have been looking to exit the media and entertainment company. Nimbus will look for a strategic investor and not a financial investor, one which can help the company accelerate its growth plans.