Farma

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Medimedia : From VUP to Cinven
Fabrice Fries

Deal Structure (1)



One single contract, one price: 1.180 M€ (+up to 500 M€ of earn-out for VU if IRR > 25%)



Same shareholders: –Funds 75% Cinven 50%, Carlyle 37.5%, Apax France 12.5% – VU 25% But 2 different LBOs, with 2 different debt structures and 2 separate organisations Purchase price of VUH: 605 M€ (incl CMD) – 1.25 x 2001sales 1.13 x 2002 sales budgeted – 8.5 x 2001 Ebitda (w/o click) – 10.1 x 2001 Ebitda (click incl.) 9 x 2002 Ebitda incl. click





Deal Structure (2)
• Use of funds (€M) • Sources of funds(€M)
• • Purchase price 605 • Bank debt Bank loan against excrow for CMD Vendor loan note Balance sheet cash at completion - additional Shareholder equity & loans Equity investor commitment toInterest funding Vivendi commitment to Internet funding 293 41 70



Transaction fees

30

• • •

11 220 10 10



Blocked account to fund Internet losses

20

• •

• Total

655

•Total

655

Investor Attractions to MediMedia
• Opportunity to acquire a top quartile international company in health publishing and marketing • Limited exposure to economic downturn • Goodgeographical diversity • Projected expenditure of principal client groups (pharmaco and consumer health) set to grow • MediMedia has a number of strong market positions (regional) • Attractive organiccash generative features • Significant click development costs expensed to date and behind us

Opportunity to develop both organically and through acquisition an even better company attractive tointernational public investors

Source: Cinven

Strategic Objectives

• Cinven’s overriding objective is clear -to make a high quality investment alongside management

• Strategy for MediMedia isnot a break-up • Improve the perceived coherence of the MediMedia group for potential IPO (3-5 years)

• Grow and enhance MediMedia through focusing capital expenditure on the higher growth...
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