March 18, 2015
Weil advised ITI Group in connection with the indirect sale by ITI Media Group Limited (IMG) and Groupe Canal+ S.A. (Canal+) of a 52.7% stake in TVN S.A. (TVN) to Southbank Media Ltd, a subsidiary of Scripps Networks Interactive, Inc. (Scripps).
The transaction involves the sale by IMG and Canal+ of a 100% equity stake in N-Vision B.V. (N-Vision), which indirectly is the majority shareholder of TVN. The transaction values the share capital of N Vision at €584 million. As part of the transaction, Scripps will assume €840 million of debt. Closing of the transaction is contingent on the fulfilment of conditions customary for this type of transaction, such as obtaining the appropriate regulatory consents.
Weil advised ITI Group at every stage of the transaction by a team composed of attorneys from the Warsaw and London offices of Weil. The core transaction team included: Paweł Rymarz, the managing partner of Weil’s Warsaw office; Ian Hamilton, a senior consultant in the London office; and Jacek Balicki, an associate in the Corporate department of the Warsaw office. Other members of the team from the Warsaw office included: Anna Frankowska, partner and the head of the Capital Markets practice; Monika Kierepa, counsel specializing in Intellectual Property; Joanna Petersen, counsel specializing in Real Estate; and associates Anna Błońska, Aleksandra Dobrzyńska-Grezel, Jerzy Bombczyński, Marcin Płonka, Tomasz Bąkowski, Piotr Fedorowicz, Ewa Podogrodzka, Jakub Leszczyński, Natalia Wołkowycka, Bartlomiej Szczepanski, and Jerzy Rostworowski. Ellie Fialho from the London office was also involved. The tax aspects of the transaction were handled by: Robert Krasnodębski, a partner and head of the Tax practice of the Warsaw office, associate Marek Kanczew and Ian Ferreira, Oliver Walker, and James Jirtle from the London office. Iwona Her, partner and the head of the Antitrust practice of the Warsaw office, advised ITI Group on anti-monopoly aspects of the transaction.
Paweł Rymarz commented, “Weil is proud to have advised ITI Group on the sale of the controlling stake in TVN, a transaction which reconfirms that Weil handles the largest M&A transactions in the Polish market. In addition to the significant scale of this transaction, we derive enormous satisfaction from being part of ITI Group’s success in Poland for many years. Our long-standing co-operation with ITI Group is an exemplary attorney-client relationship. Moreover, we are pleased that one of our clients was again able to benefit from the international resources of our law firm, which provides global services based on its ‘one firm’ approach”.