February 26, 2014 // Franchising.com // London - Dentons has advised Modern Times Group MTG AB (publ.) (MTG), the international entertainment group, on its agreement to acquire 75% of Trace Partners SAS (Trace), the France-based youth media brand and global TV channel operator. The stake, which is being acquired from Citizen Capital, Entrepreneur Venture, NextStage and Trace's management, has an enterprise value of €40 million. Trace management will retain the remaining 25% of the company. The transaction is subject to regulatory approval by the French media authorities.
MTG is a leading international entertainment broadcasting group with operations that span four continents and include free-TV, pay-TV, radio and content production businesses. Although based in France, Trace is a global network with third-party carriage agreements with networks in 160 countries worldwide, including 55 in Africa, a territory MTG has targeted as one of its new sources of growth.
Joseph Hundah, Executive Vice President of MTG’s African operations, commented: “This deal is another key milestone in our international expansion and provides us with footholds from which we can expand further in Europe, South America, Asia and francophone countries around the world.”
Dentons has a longstanding relationship with MTG, having worked with it on several mandates in the last few years. The firm fielded a team primarily comprising lawyers from its London and Paris offices. This team was led on the corporate side by partner Richard Macklin and senior associate Darren Acres in London and partner Emmanuel Scialom in Paris. Media partner Ingrid Silver led on the media and broadcasting aspects of the deal. Support was also given by the firm's Moscow and Almaty offices and Dentons' associate firm in Johannesburg.
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