El Financiero Still Pursuing Buyer

Debt-laden Mexican newspaper El Financiero is still looking for a buyer after failing to reach agreement with a local family eyeing the assets. According to a local investment banker with knowledge of the sale process, the business newspaper had been in negotiations with the Nacer family – owners of Universidad Icel – but no deal was agreed. A seller may be hard to find, since only the brand name has any real value to potential acquirers, adds the Mexico City-based banker, who declines to be identified. Local media claims that the Nacers had already reached agreement to acquire the asset. They allegedly paid about $20m for El Financiero and assumed its liabilities, said to be around $36m a year, while revenues only added up to $21m. However, a source close to the Nacers says that while in December the family did purchase financial newspaper El Economista for $25m, it has not bought El Financiero. El Financiero is owned and run by Maria del Pilar Estandia and her son. It was founded by her husband Rogelio Cardenas in 1981.