Mexican TV giant spins off soccer, gambling operations, to robust stock market debut

Mexican TV giant spins off soccer, gambling operations, to robust stock market debut

Article brief provided by Bloomberg News
  • Michael O'Boyle, Bloomberg News
February 21, 2024 7:23 PM

Shares of Mexican soccer and gambling business Ollamani SAB surged Tuesday following its spinoff from pay TV operator Grupo Televisa SAB, driving the market value of the newly listed company to around 4.3 billion Mexican pesos ($252 million).

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Ollamani SAB shares nearly tripled, rising 157% to 29.53 pesos per unit after pricing at an initial 11.50 pesos per unit in an auction before the market open, according to data from the Mexican stock exchange. Parent company Televisa priced at 10.86 pesos per unit in the auction and rose 2.9% to 11.17 pesos, its highest since early December.

The spinoff created Mexico’s first listed sports and gaming company and aims to unlock value from Televisa shares, which tumbled to a nearly 28-year low in October.