MUNICH, June 4, 2012 – Ringier Axel Springer Media AG, a joint venture of Axel Springer AG and the Swiss Ringier AG, has entered into an agreement with Polish media company TVN S.A. regarding the indirect acquisition of 75% of the shares in the Polish online portal Onet.pl, a subsidiary of TVN S.A. With the acquisition of the leading Polish online portal, Ringier Axel Springer Media AG expands its digital business in Eastern Europe. For the implementation of the transaction, the shares of Onet.pl, which has an enterprise value of PLN 1.275 billion (about EUR 290 million), will be acquired by a Polish holding company established by Ringier Axel Springer Media AG, in which TVN S.A. will hold a 25% interest. The transaction is still subject to merger clearance by the competent competition authorities.
Ringier Axel Springer Media AG was advised by the international law firm Milbank, Tweed, Hadley & McCloy LLP regarding all corporate, tax and finance law aspects of the transaction. The Milbank team included partners Norbert Rieger, Martin Erhardt (both Corporate/M&A, Munich), Rolf Füger (Tax, Munich), Rod Miller (Global Securities, New York) and Tim Peterson (Global Securities, London) and associates Katharina Kolb, Sebastian Heim, Roman Stenzel (all Corporate/M&A, Munich), Florian Holzner (Tax, Munich) and Michelle Mersey (Global Securities, London).
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm founded in 1866 in New York City. Today Milbank has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, New York, São Paulo, Singapore, Tokyo and Washington, DC and is present in all major financial and economic centers of the world. Milbank focuses its worldwide legal services in the areas of finance, transactions and litigation.
The first European office was opened in 1979 in London, followed by Frankfurt in 2001 and Munich in 2004. Due to the close cooperation of the German offices with the finance, corporate, cartel and tax lawyers practicing in other Milbank offices, in particular London and New York, Milbank Germany is in a position to provide fully integrated legal advice on the highest level in all these core areas pursuant to German, English and US law.