Discount Investments to post $108 million in Q1 from sale of stake in UPC - TheStreet

Discount Investment Corporation today announced that it exercised its remaining Put options in Dutch cable company UPC (Nasdaq:UPCOY).

Discount Investments sold a total of 2.4 million UPC shares to a European bank for $45 per share on average. Discount Investments owned 0.5% UPC shares, but no longer has a stake in the company. Discount Investments and UPC are the controlling shareholders in cable television company Tevel.

Discount Investments will post $108 million capital gains from the sale and after-tax profit is expected to come to $53 million.

Discount Investments acquired the put options with the entry of UPC as an investor in Tevel, in which it holds a 46.5% stake. In 2000, Discount Investments posted NIS 35 million revenue and NIS 2 million profit from the sale of UPC shares.