CMS has advised PPF Group on the acquisition of Bulgaria's Nova Broadcasting Group, with 95% of the shares acquired from the Modern Times Group — advised by Allen & Overy and Spasov & Bratanov — and the remaining 5% from Eastern European Media Holdings S.A.
The transaction values 100% of the business at an enterprise value of EUR 185 million. The final completion remains subject to regulatory approvals and is expected to take place during the first half of 2018
Nova is a Bulgarian commercial media group consisting of seven TV channels and 19 online businesses.
PPF Group is a Czech investment fund that cooperates with European, Russian, American, and Asian companies and invests into multiple market segments, such as banking and financial services, telecommunications, biotechnology, insurance, real estate, and agriculture.
Modern Times Group is an international digital entertainment group with brands in TV, radio, and "next-generation entertainment experiences in e-sports, digital video networks, and online gaming."
The CMS team consisted of Managing Partner Helen Rodwell, Partner Atanas Bangachev, and Senior Associates Frances Gerrard and Veliko Savov.
Allen & Overyy's team consisted of Consultant Hugh Owen and Senior Associate Magda Pokorna.
The Spasov & Bratanov team serving as Bulgarian law counsel consisted of Managing Partner Georgi Spasov and Associate Nayden Raychinov.