Raymond Gubbay is sold again…. to Sonymain
Berlin, 26 June 2018 – DEAG Deutsche Entertainment Aktiengesellschaft (DEAG) is reacquiring 49% of DEAG Classics AG from Sony Music Entertainment Germany GmbH and will own 100% of the shares in DEAG Classics AG including the shareholding in The Classical Company AG (Switzerland).
As part of the transaction, DEAG Classics AG is selling its shares in the English Raymond Gubbay Limited to Sony Music Entertainment International Limited. The joint projects of Raymond Gubbay Limited and DEAG companies such as Kilimanjaro Live Limited will continue unchanged and the cooperation should be further expanded.
DEAG Classics works exclusively with Artists like Anna Netrebko and Yusif Eyvazov but also works with Rolando Villazón, the Berlin Philharmonic Orchestra, Till Brönner, Joja Wendt and The Piano Guys and will benefit 100 % from its success going forward. The transaction represents a first step towards successively reducing minority interests with the aim of increasing the earnings per share attributable to DEAG shareholders. Proceeds are intended to further strengthen DEAG’s position in its core market of the UK.
Prof. Peter L.H. Schwenkow, CEO and founder of DEAG, comments: “The transaction enables us to continue to achieve two strategic goals. With the complete acquisition of 100% of the shares of DEAG Classics AG, we will increase earnings per share within the next few years. And with the cash inflow of EUR 10,6 million, we are in a position to accelerate the expansion of our position in the British market. The proceeds will also continue to serve our goal of successively reducing minority interests in order to return to an attractive dividend policy.”
Raymond Gubbay himself sold his business to DEAG and has no part in this transaction.