Board of directors of Grupo ClarÃn S.A. (ARG: GCLA) (LSE: GCLA) has approved a split-up of Grupo ClarÃn´s equity interest in CablevisiÃ³n S.A, the subsidiary that operates Grupo ClarÃn´s cable television, Internet and data transmission businesses, into a new Argentine corporation under the name of CablevisiÃ³n Holding S.A., the company said.
Goldman, Sachs & Co. is acting as financial advisor to Grupo ClarÃn S.A. Cleary Gottlieb Steen & Hamilton LLP and Saenz Valiente & Asociados S.R.L. are acting as legal advisors to Grupo ClarÃn S.A., in connection with the proposed transaction.
The company will retain all assets and liabilities, and continue with all the activities and operations of its remaining business segments, which will not be allocated to CVH. Grupo ClarÃn said expects that the transaction will be executed in accordance with the Ley de Impuesto a las Ganancias (Argentina´s income tax law).
Grupo ClarÃn S.A.is a large media company in Argentina and a company in the printing and publishing, and broadcasting and programming markets.
CablevisiÃ³n S.A. is a large operator of cable television services and data cable transmission systems in Argentina and a provider of cable services in Latin America with 3.90 million active customer relationships.