AURELIUS acquires British home shopping specialist sit up Ltd. from Virgin Media
- Purchase of all shares from Virgin Media
- Second acquisition of a home shopping television network
Munich, 1 April 2009. Munich-based industrial holding AURELIUS has acquired sit up Ltd., the UK’s most innovative home shopping retailer, from Virgin Media. The signing of the acquisition agreement and transaction were completed today.
With its three digital home shopping channels bid tv, price-drop tv and speed auction tv the company’s live programs are available to viewers in more than 20 million homes throughout the UK. Launched in 2000, sit up Ltd. generated revenues of GBP 242 million in 2008.
Dirk Markus, CEO of AURELIUS, comments on the rationale behind the transaction: “Since our acquisition of RTL Shop in Germany, we have become very familiar with the home shopping business model. We are excited about extending our presence in this market, especially since this is one of the few areas of growth in retailing.”
The purchase price or terms of the agreement have not been disclosed. The divestment will not have a material impact on Virgin Media’s OCF (specified below).
For further information on Virgin Media please contact:
Matt RidsdalePhone +44 (0) 20 7920 3150mridsdale(at)tavistock.co.uk
Lulu BridgesPhone +44 (0) 20 7920 3150lbridges(at)tavistock.co.uk
Explanation of the OCF position
OCF is operating income before depreciation, amortization, goodwill and intangible asset impairments and restructuring and other charges. OCF is a non-GAAP financial measure. Please see Virgin Media's fourth quarter 2008 earnings release for a reconciliation of non-GAAP financial measures to their nearest GAAP equivalents.