Baker & McKenzie announced today that it advised Advent International on the 30 million Euro leveraged buyout of GWR Group Plc’s interest in the Danubius Radio Station. Debt facilities were provided by Mezzanine Management Central Europe. The transaction is one of Hungary’s first Western European-style structured buyouts.
Advent International is an international private equity group which operates in 25 countries across West and Central Europe, North America, Asia and Latin America. Danubius broadcasts popular music and is Hungary’s leading commercial radio station. The station was previously owned by GWR Group Plc, the UK’s leading commercial radio broadcasting group, whose stations include Classic FM.
Commenting on the transaction Corporate Partner Charles Whitefoord said, “We are delighted to have advised Advent International on this transaction. It was a complex transaction in a highly-regulated industry in Hungary, which was accomplished under tight deadlines. It was a great example of the way in which our teams in London and Budapest are able to operate seamlessly together”.
Advent International Director, George Swirski, said: “This is an excellent opportunity to build on one of Hungary’s great brands. Danubius has very talented people across all its operations. We shall work together with them to expand services to advertisers, broaden the audience base, and build on the station’s identity. Baker & McKenzie’s speed and efficiency in helping us complete this complex transaction in two very different markets was a credit to their firm.”