24 February – LAWFUEL – The Law News Network – Allen & Overy Budapest advised Swisscom AG on its indirect acquisition through Swisscom Broadcast AG of Antenna Hungária Nyrt., the Hungarian broadcasting company. Swisscom Broadcast privatised 75% and one share in July 2005, subsequently made a takeover bid and, as a result of the acquisition of more than 90% of the shares, exercised a squeeze out. After this process, approximately 1.5% of the AH shares were still outstanding and, therefore, cancelled and were replaced by newly generated shares on 15 February 2006. The shares were subsequently delisted from the Budapest Stock Exchange. Antenna Hungária has sold all newly generated shares to Swisscom Broadcast and, simultaneously, Swisscom Broadcast sold one share to a third party taking into account limitations of Hungarian company law. As a result, Swisscom Broadcast has purchased 99.99% of the shares in Antenna Hungária for a total purchase price of EUR 250 million.
Éva Heged?s, who led the M&A team, comments: “In this complex transaction we have shown a wide spectrum of our M&A and capital markets capabilities. Due to recent changes to squeeze out rules and the forthcoming changes in company law, the transaction required careful structuring. It is our pleasure to continue to assist Swisscom in a number of post-closing matters.”
The team was led by Éva Heged?s and Zoltán Lengyel (partners). They were assisted by Balázs Sahin-Tóth and Tamás Riesz (senior associates).
For further information, please contact Éva Heged?s (eva.hegedus @allenovery.com) or Balázs Sahin-Tóth ([email protected]) on +36 1 429 6000.