MTG Baltics is the leading pan-Baltic media house with free TV and pay TV broadcasting assets together with complementary radio assets and a strong digital presence. Bitė Lietuva acquired the following MTG businesses in the Baltics: three TV channels in Estonia (TV3, TV3+, TV6), five TV channels in Latvia (TV3, TV3+, TV6, Kanals 2, LNT), three TV channels in Lithuania (TV3, TV6, TV8), the pan-Baltic pay TV company Viasat, along with nationwide commercial radio stations and other companies.

Comments Laimonas Skibarka, co-managing partner at Sorainen: “This transaction is important not only because it is the largest acquisition in the Baltics this year. Even more importantly, it is the largest ever deal in the Baltic media industry and another example of a growing international trend when telecom companies acquire content providers. For us at Sorainen it was a great opportunity to demonstrate the regional capabilities of our Communications, Media and Technology sector group”.

Providence Equity Partners is a premier global asset management firm with USD 50 billion in assets under management across complementary private equity and credit businesses. They have pioneered a sector-focused approach to private equity investment and focus on investment in the media, communications, education and information.

Bitė Lietuva controls a leading mobile operator in Lithuania and Latvia that focuses on meeting growing demand for a high quality network experience and providing excellent customer service. Bitė offers a wide range of mobile services, internet access and data services for business and residential customers through its nationwide coverage.

The transaction involved a complex merger clearance process in Latvia and the first ever clearance from the Latvian Government under the new requirements of the Latvian Law on National Security. Sorainen competition law experts in Lithuania, Latvia and Estonia consulted and represented Bitė Lietuva throughout the transaction, including carrying out a competition analysis, participating in the due diligence process and drafting the share purchase agreement. Sorainen was also in charge of merger clearance in Latvia and Lithuania.

The Sorainen team in the transaction was led by partner Laimonas Skibarka and included counsel Stasys DrazdauskasMantas Petkevičius and Augustas Klezys, senior associates Jonas Kiauleikis and Monika Mališauskaitė, associates Ignas Motiejūnas, Inga MacijauskaitėLaura MatukaitytėLina Ragainytė and Vytautas Sabalys in Lithuania, partners Eva Berlaus and Rūdolfs Engelis, senior associates Valts NeretsJânis Bite and Santa Rubîna, associates Alîna KalvišaMarika Grunte and Tits Gulbis in Latvia, senior associate Juulika Aavik and associates Cathriin Torop, Hanna Pahk and Olivia Kranich in Estonia, and others. Sorainen advised the client in cooperation with Swedish law firm Mannheimer Swartling.