Wave Entertainment acquires stake in Index
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WAVE ENTERTAINMENT yesterday invested Bt430 million to acquire GMM Grammy's 50-per-cent stake in event organiser Index Creative Village as a part of an ambitious goal to expand into Asean countries.
Mathew Kichodhan, chairman and chief executive officer at Wave Entertainment, said he believed that this new partnership and investment would be beneficial both for his company and Index Creative Village.
The acquisition value was less than the previously estimated Bt960 million.
The deal will be another platform for business growth at Wave Entertainment.
Kriangkrai and Kriangkarn Kanjanapokin, co-chief executive officers of Index Creative Village, described the new investor as a preferred partner.
In a previous interview with The Nation, Kriangkrai said the new partner was the “right one” because it shared the same vision and strategy for business sustainability.
“I have been preparing for this deal since last year after receiving a signal of a probable exit from |GMM Grammy’s top executive,” he said.
At that time, GMM Grammy proposed selling its shares in Index Creative Village values for about Bt1 billion.
After this deal, Index Creative Village will continue to invest both domestically and overseas, particularly in Myanmar, Kriangkrai said. Apart from event business, the company wants to create a strong presence in hospitality and cultural-related businesses in that country.
Meanwhile, GMM Grammy is now focusing more on its core businesses including music and TV, particularly its two digital television channels, One and GMM 25. So the company decided to exit from other businesses, selling its shares in SE-Education, Post Publishing and Matichon.
Recently, GMM Grammy decided to sell its magazine business to Tassapon Bijleveld, chief executive officer of low-cost carrier Thai AirAsia.
