Sunshine Acquisition, a company set up by Apax Partners’ Funds, closes acquisition of Hit Entertainment

26th May 2005

Sunshine Acquisition Limited, a company formed by Funds advised by Apax Partners to acquire Hit Entertainment, today announced it has completed the acquisition of Hit for £489.4 million.

London, UK - Sunshine Acquisition Limited, a company formed by Funds advised by Apax Partners to acquire Hit Entertainment, today announced it has completed the acquisition of Hit for £489.4 million.

Sunshine Acquisition's 300p a share offer, structured as a Scheme of Arrangement, was approved this week at a court hearing. 

At a Court Meeting and Extraordinary General Meeting on 28 April, the Scheme was approved by a majority in number of the Independent Scheme Shareholders present and voting (in person or by proxy) representing more than three-fourths in value of the Independent Scheme Shares present and voting (in person or by proxy). Of those votes cast, over 99% approved the Scheme; and at the Extraordinary General Meeting, HIT Shareholders passed the Special Resolution by the requisite majority. Of those votes cast, over 99% were in favour of the Resolution.

About Apax Partners

Apax Partners is one of the world's leading private equity investment groups, operating across the United States, Europe and Israel. Apax Partners has raised or advised approximately $20 billion around the world. With more than 30 years of direct investing experience, Apax Partners' Funds provide long-term equity financing to build and strengthen world-class companies. It pursues a multi-stage equity investment strategy, investing in late venture, growth capital and buyouts.

Apax Partners' Funds invest in companies across its chosen global sectors of Tech & Telecom, Retail & Consumer, Media, Healthcare and Financial & Business Services.  For more information visit: www.apax.com.

About HIT Entertainment

HIT is one of the world's leading independent rights-owning children's entertainment companies. At the heart of HIT's portfolio are internationally renowned children's properties, including Bob the BuilderTM, BarneyTM, Thomas & FriendsTM, Angelina BallerinaTM, PinguTM and Guinness World RecordsTM. Since the Company's launch in 1989, HIT has developed activities spanning television and video production (with studios in the US and the UK), publishing, consumer products licensing and live events and has operations in the UK, US, Japan and Canada.

HIT is now one of the largest children's video distributors in the UK and the US. With over 1,000 episodes of young children's programming, HIT sells programmes to over 200 territories worldwide.

In October 2004, HIT announced its plans to launch a dedicated 24-hour digital pre-school channel in the US in September 2005 together with Comcast Corporation (the largest US cable company), PBS (the US public broadcasting service) and Sesame Workshop (creators of Sesame Street and other award-winning series).

For the financial year ended July 31, 2004, HIT reported turnover of £148.1 million, from its consumer product, home entertainment activities, television and stage show activities.