Broadcast Vendor M&A: EVS Disposes of dcinex Stake for €10.8 Million

Posted by Joe Zaller
Jul 21 2014

EVS announced that it has reached an agreement to sell its 41.3% stake in dcinex, a digital cinema solutions provider, to Ymagis SA.

The company says that the deal, which values decinix at up to  €10.8m, will allow EVS to focus fully on its four core market strategy in the broadcast sector.

Originally called XDC, dcinex was founded  in 2004 by EVS co-founder Laurent Minguet, and changed its name to dcinex in 2012. It’s principal activities are digital cinema, distribution of alternative content (Ddcinema) and development of the Cinestore products.

Under the terms of the deal, EVS will receive at the closing:

  • EUR 2.1 million in cash
  • 288,851 new Ymagis shares
  • EUR 6.4 million in Ymagis bonds, which have a maximum maturity of 5 years. These bonds are associated with warrants.
  • In addition, dcinex will reimburse the currently existing shareholders` loans. Today, the loan granted by EVS (including interests) amounts to EUR 1.5 million.

In total, the approximate aggregate value of the different components (at last closing Ymagis share price of EUR 7.90) represents around EUR 10.8 million for EVS. On March 31, 2014 dcinex was valued at EUR 7.9 million on the EVS balance sheet.

Joop Janssen, CEO of EVS, said: “dcinex was created within EVS 15 years ago. In 2004, it was decided to spin it out. With the support of EVS, dcinex has developed itself to become a leading provider of digital cinema services in Europe. In the bigger entity that will result from this transaction, dcinex will be even stronger to continue its successful evolution in that market. EVS will now fully focus on its four core market strategy (Sport, Entertainment, News and Media) in the broadcast sector.”

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