In its first foreign acquisition, Bennett Coleman & Co, India’s largest media group, bought Britain’s third largest radio station in June, paying US$105 million for Virgin Radio.
Times Infotainment Media, a Bennett Coleman subsidiary based in Mumbai, bought Virgin Radio from SMG, formerly known as the Scottish Media Group.
Olswang M&A partner Stephen Hermer acted for Times Infotainment. Freshfields Bruckhaus Deringer’s senior M&A partner Simon Marchant and his team advised SMG. Marchant has a reputation for closing high-profile media deals. In February he advised the London-based Guardian Media Group on its US$2 billion acquisition of a subsidiary of British publishing firm Emap.
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