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COBALT advised on sale of MTG Baltic subsidiaries

2017-03-17

COBALT advised Modern Times Group (MTG), a Swedish digital entertainment company, on the sale of its Baltic subsidiaries TV3 UAB, TV 3 Aktsiaselts, TV 3 LATVIA SIA, Latvian Independent Television (LNT) AS, Viasat AS, Mediainvest Holding AS, Star FM SIA, TELE-3 radio UAB to Providence Equity Partners. The value of the deal is confidential.

MTG (Modern Times Group MTG AB (publ.)) is a leading international digital entertainment group. Their entertainment brands span content production, TV, radio, esports and mobile gaming, and are available around the world. MTG shares are listed on Nasdaq Stockholm (‘MTGA’ and ‘MTGB’).

Providence is a premier global asset management firm with $45 billion in assets under management across complementary private equity and credit businesses. Since the firm’s inception in 1989, Providence has invested in over 150 companies and became the leading equity investment firm focused on the media, communications, education and information industries.

COBALT together with the international law firm Hamilton was involved in the legal due diligence process, drafting of the share sale-purchase agreement and other transaction documents. COBALT provided full legal support on various legal issues and transaction matters as it was required by the client.

COBALT team included Managing Partner dr Irmantas Norkus, Partner and Head of M&A Practice Group dr Juozas Rimas and Associate Evaldas Petraitis from COBALT Lithuania, Partner Martin Simovart, Partner Peeter Kutman and Senior Associate Karl Kull from COBALT Estonia and Managing Partner Dace Silava–Tomsone and Senior Associate Elina Locmele from COBALT Latvia.