British investment company 3i has valued its VNU Media unit, bought in 2007, at zero, the Financieele Dagblad reports on Friday.
VNU Media produces magazines Intermediair and Computable and is in financial trouble because it can no longer meet agreements made with the banks, the paper says. Talks on refinancing its debts of €100m have been running since January, the FD says, quoting sources.
A year ago, 3i valued its stake in the company at €71m. It bought VNU Media for €320m including its debts. 3i told the FD that the write-off did not mean it considered VNU Media to be worthless.
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