TGS Baltic has advised Irish media company Communicorp Group on the sale of Latvian radio group AS Radio SWH Latvia to Cinamon Holding OÜ, an Estonian-based entertainment company with a network of cinemas across the Baltic countries.
AS Radio SWH is the first commercial radio station in Latvia and was acquired by Communicorp in 2007, since then it has added four additional stations. AS Radio SWH is the commercial market leader in Latvia.
Jānis Šipkēvičs, the long-term head of the radio station, told that the station was bought by the management of Radio SWH with the help of a strategic investor.
Jānis Šipkēvičs along with the commercial director Filips Rubenis and the investor Cinamon Group have become the new owners of SWH.
Commenting on the transaction, Gervaise Slowey, the CEO of Communicorp Group said: “We are privileged to be part of the history of SWH, one of Latvia’s greatest indigenous businesses. Communicorp is proud to have played its part in building the leading commercial radio group in the country. We would like to wish Cinamon on-going success”.
According to the agreement, the price of the deal cannot be revealed. TGS Baltic along with one of the leading Irish commercial law firms LK Shields provided legal services throughout the sales process, participated in drafting and assisted in negotiations on all the necessary transaction documentation relevant to the completion of the project.
Communicorp owns two Irish national radio stations, as well as music stations in Dublin.
In total it owns 22 radio stations, including eight regional UK stations that it acquired from Global Radio last year.
Cinamon, which is owned by a Russian company “DTL Capital”, manages the network of cinemas in the Baltic States.
TGS Baltic team was led by Partner Andra Rubene, Associate Matīss Rostoks, Associate Rūdolfs Vilsons and Junior Associate Reinis Grunte.
