DGKV’s M&A team, together with White & Case LLP as lead international counsel, advised the private investment group PPF a.s. (“PPF”) on the Bulgarian legal aspects of the USD 2.1 billion acquisition of Central European Media Enterprises (NASDAQ/Prague Stock Exchange: CETV) (“CME”). CME operates television stations in Bulgaria, the Czech Republic, Romania, Slovakia, and Slovenia. In Bulgaria it operates a total of 6 television channels (bTV, bTV Cinema, bTV Comedy, bTV Action, bTV Lady and Ring) and 5 radio stations (bTV Radio, Radio NJoy, Radio Z Rock, Classic FM and Jazz FM).
Petr Kellner, the majority shareholder of PPF, commented on the transaction: “The acquisition of CME with its media assets in five European countries will complement and further strengthen our telecommunications operations in Central and Eastern Europe. We want to leverage the natural synergies between the creation of content and its distribution with the objective of further developing our telecommunications and media businesses. CME is a healthy and well-run organization and we do not intend to make any significant changes to its operations.”
DGKV’s team provided comprehensive legal support, including structuring the transaction, legal due diligence of the Bulgarian target, local legal advice on the transaction documentation and ongoing assistance with closing. Completion of the transaction is subject to customary closing conditions, including the approval of CME’s shareholders, the European Commission, and national regulators in several countries where CME is active.
DGKV’s team was led by Partner Violetta Kunze and included Senior Associates Valentin Bojilov, Milka Ivanova, Dr. Anton Petrov, Lilia Kisseva, Dessislava Iordanova, Silviya Apostolova, Vladislav Antonov, Rusalena Angelova and Kamen Gogov, and Associates Lora Aleksandrova, Tsvetelina Bayraktarova, Galin Atanasoff, Viktoriya Marincheva, Patricia Cherkezova, Hristo Stoyanov, Peter Angov, Evgeny Minchev and Eliza Alexandrova.