Sorainen is advising Providence Equity Partners on the acquisition of Swedish media holdings Modern Times Group (MTG) business in the Baltics. The total disclosed value of the acquisition in all three Baltic States is EUR 115 million.

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 investing and focus on media, communications, education and information investments.

Providence will acquire the following MTG owned businesses: three TV channels in Estonia (TV3, TV3+, TV6), five TV channels in Latvia (TV3, TV3+, TV6, Kanâls 2, LNT), three TV channels in Lithuania (TV3, TV6, TV8), pan-Baltic pay TV company Viasat, nationwide commercial radio stations and other companies. MTG Baltics is the leading pan-Baltic Media House with Free TV and Pay TV broadcasting assets together with complementary radio assets and strong digital presence. MTG Baltics has a 20 year history of operating in the Baltics, with a strong track-record of primarily organic growth.

Karim Tabet, Managing Director at Providence: “MTG’s Baltic broadcasting businesses are all leaders in their respective areas and we’re excited to partner with such a talented group of people to grow the company together. After our acquisition of Bite in 2016, this transaction highlights Providence’s continued commitment to investing in the Baltic region.”

Sorainen is advising the client in cooperation with international law firm Mannheimer Swartling. The Sorainen team in this transaction is led by partner Laimonas Skibarka and includes specialist counsel Stasys Drazdauskas and Mantas Petkevičius, senior associates Jânis Bite, Jonas Kiauleikis and Juulika Aavik and other lawyers.