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Multijurisdictional Clifford Chance team advises CMI throughout the closing of the deal related to the acquisition of Lagardère’s radio assets across the CEE region


Clifford Chance offices in Bucharest, Prague, Warsaw and Paris have advised Czech Media Invest (CMI) throughout the acquisition of the CEE radio assets of multinational media conglomerate Lagardère Group.

Announced in April, the deal was finalized last week, following competition clearance from the local regulatory authorities in some of the targeted jurisdictions.

Valued at EUR 73 million on consolidated revenue of around EUR 56 million in 2017, the deal targeted popular, mainstream radio stations in the Czech Republic, Poland, Romania and Slovakia

– Frekvence 1, Evropa 2/Europa 2, Europa FM, Radio ZET, Radio Bonton, Antyradio, and Vibe FM.

Local aspects of the deal were covered by a Clifford Chance Badea team coordinated by counsel Mihai Măcelaru and senior associates Radu Costin and Ecaterina Burlacu. The team also included Lavinia Nucu, senior associate, lawyer Bogdan Micu and trainee Mihnea Niculescu. Nadia Badea was the partner responsible for the project locally.

The two important advantages for successfully coordinating this not-so-easy transaction were the exceptional professionalism of the CMI team involved, and Clifford Chance’s ability to manage regional projects through teams of lawyers operating in different offices, while being fully integrated,” Mihai Macelaru underlined.

Nadia Badea, Clifford Chance partner, added: “This transaction adds to our representative portfolio of multijurisdictional deals successfully closed through the team effort of the international network, doubled by the individual experience and know-how of local offices.”

Milestone M&A projects recently advised by Clifford Chance Badea include:

  • Advising BNP Paribas Leasing in the acquisition of shares in two Romanian companies from German-based group IKB that is exiting the local market (May 2018);
  • Advising CA Immo in relation to the acquisition of Campus 6.1 office building in Bucharest from Skanska, a deal valued at EUR 53 million (May 2018);
  • Advising J.C. Flowers & Co. in relation to the acquisition of Piraeus Bank Romania by funds advised by J.C. Flowers & Co., a deal marking the American investor’s entry on the local market (December 2017);
  • Advising the independent European private equity firm Vitruvian Partners in relation to its acquisition of a 30% stake in BitDefender, a leading global cyber security technology company (December 2017);
  • Advising EBRD in relation to it acquiring an equity stake in Black Sea Oil & Gas, an independent oil and gas company based in Romania (November 2017), and also in relation to its becoming a shareholder in Agricover Holding, following an investment of RON 32 million (EUR 7 million equivalent) in the company’s capital for a subscription to a 13% stake (October 2017);
  • Advising sovereign fund China Investment Corporation on the acquisition of pan-European logistics operator Logicor from American fund Blackstone (June 2017);
  • Romanian law advisory to Citigroup and Deutsche Bank (as Joint Global Coordinators), and BT Capital Partners S.A., BRD – Groupe Societe Generale S.A., Societe Generale S.A., Raiffeisen Bank S.A. and Wood & Company Financial Services (as bookrunners) in relation to the Digi Communications N.V. public offering and admission of shares to trading on the Regulated Spot Market of BSE (May 2017).


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