Vasil Kisil & Partners advises Central European Media Enterprises on acquisition of Studio 1+1 Interest

Vasil Kisil & Partners Law Firm advised Central European Media Enterprises (СМЕ) on purchase of minority interest in share capital of Studio 1+1 Broadcasting Company. The closing of the transaction was officially announced on 01 July 2008. As a result of the transaction CME increased its Studio 1+1 interest up to 90% with an option to acquire the remaining 10% interest.

The total consideration paid by CME for the purchase amounted to US$ 219.6 million, of which US.6 million was paid to Boris Fuchsmann and Oleksandr Rodnyansky and US0 million was paid to Ihor Kolomoisky.

"1+1" is a national TV-channel available through on-air and satellite broadcasting with the technical coverage of the Ukrainian territory constituting 95%. In 2007 "1+1" audience share reached an average of 16%. The international version of the channel - "1+1 International" is carried by cable operators in USA, Canada, Israel and is available in the internet.

Vasil Kisil & Partners acted as a legal adviser for CME on the matters of Ukrainian law. The firm advised on pre-sale restructuring of Studio 1+1 group and Ukrainian aspects of the transaction, including drafting and negotiating the Ukrainian transaction documents and advising on their execution. Foreign law advice and transaction support in other jurisdictions was provided, among others, by Debevoise & Plimpton LLP.

The Vasil Kisil & Partners team included senior associate Anna Babych and associate Sergei Savchuk, supervised by Denis Lysenko, Partner, Head of Corporate and M&A practice.