Grupo Televisa SAB (TLEVICPO), Mexico’s largest TV provider, posted the best return on the country’s benchmark index on speculation its stake in Univision Communications Inc. is worth more than previously estimated.
The shares advanced 1.9 percent to 89.46 pesos today in Mexico City after earlier jumping as much as 4.6 percent to the highest intraday price since at least 1994. Mexico’s IPC stock gauge retreated 0.3 percent.
Univision, the largest Spanish-language broadcaster in the U.S., has been contacting companies to seek a buyer for the business and may also consider an initial public offering, according to people familiar with the matter. Televisa has an 8 percent equity stake in Univision and debt that could be converted into an additional 30 percent holding. Univision’s owners, which took the company private in 2007 in a $12.3 billion leveraged buyout, are now seeking a valuation of more than $20 billion, two people said.
Investors “can infer that Televisa’s stake in Univision is more valuable,” Valeria Romo Martinez, an analyst at Monex Casa de Bolsa, said today in an interview from Mexico City.
A spokeswoman for Televisa didn’t return an e-mail and a phone call seeking comment on the stock move.