Alpac Capital, a Portuguese venture capital fund, will buy an 88% majority stake in Euronews from the Media Global Networks “holding” company of Egyptian businessman Naguib Sawiris. The value of the deal, which is expected to close at the end of the first quarter of 2022, was not disclosed.

This fund is led by Pedro Vargas David (son of former PSD European Parliament member Mario David, current political advisor to the Prime Minister of Hungary, Viktor Orbán) and Luis Santos (son of Portuguese mayor Fernando Santos). It has offices in Lisbon, Budapest (Hungary) and Dubai (UAE) and its portfolio of companies includes, for example, Caravela Seguros.

In a note published on Friday, Euronews explains that Alpac Capital has signed a “binding offer” for the majority of the group’s capital, allowing it to return to the control of European investors, “as it was in its assets”. The remaining 12% of euronews will remain in the hands of a consortium comprising several international media outlets, including RTP and RAI of Italy and France Télévisions of France.

Alpac pledges to “support the current business plan” of the European channel and to promote investment in digitization. A capital increase was also planned to obtain financing.

Last year, according to Reuters, euronews’ advertising revenue fell by 40% due to the Covid-19 pandemic, with the channel closing in 2020 with a loss of around 16 million euros.