White & Case LLP - News - Largest LBO in Baltic Region

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Largest LBO in Baltic Region
The Economies of Lithuania and Latvia Continue to Attract Overseas Investment

Budapest, London, January 24, 2007 ... White & Case is advising private equity firm Mid Europa Partners ("Mid Europa") in its acquisition of 100 per cent of Baltic mobile operator Bité from Danish company TDC, as well as advising on the financing for the deal. Mid Europa has agreed to purchase Bité for the purchase price of €0.45 billion. The transaction ranks as the largest ever leveraged buy-out (LBO) in the Baltic region, as well as being among the largest LBOs in Central Europe to date.

Bité is one of the fastest growing mobile telephone companies in Europe. It is the number two operator in Lithuania, holding a 30 per cent share of the mobile market in terms of revenues, as well as being the number three operator in Latvia, where it has successfully developed its business since its launch in September 2005.

"We have seen increased investor confidence in this region, largely due to the rapid development of the economies of countries such as Lithuania and Latvia," commented Rob Irving, lead White & Case partner advising on the deal. "These countries have fast-growing mobile telecommunications markets and Mid Europa’s acquisition of Bité puts it in a very good position."

This acquisition marks Mid Europa’s fifth investment in the mobile GSM market. The company plans to leverage its strong track record and established experience in the mobile telecommunications sector to add significant value to Bité, through consolidating its market position in Lithuania and expanding in Latvia.

Mid Europa is a leading private equity firm investing in Central and Eastern Europe. Operating from London, Budapest and Warsaw. Mid Europa advises and manages funds with committed capital in excess of €1.1 billion.

The White & Case team advising Mid Europa was led by Budapest-based partner Rob Irving, working with associates Anthony O’Connor, Orsolya Szabó, Chris Budway, Tibor Szántó and Balázs Fazekas on the M&A aspects of the transaction. London-based partners Barbara Choi and Rob Mathews led on the financing of the transaction, working alongside counsel Jonathan Bloom and associates Anna-Marie Slot and Vanessa Small.

This is not the first time that White & Case has advised Mid Europa on an LBO in Central and Eastern Europe. Last year the Firm advised Mid Europa, acting on behalf of the AIG Emerging Europe Infrastructure Fund ("EIFF") and a subset of investors in EIFF, in the sale of Karneval Media s.r.o and Forcable s.r.o. to Unite Holdco III B.V., for €322.5 million.

About White & Case
White & Case LLP is a leading global law firm with more than 2,000 lawyers in 35 offices in 23 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our network and depth of our US, English and local law capabilities in each of our offices and rely on us for their complex cross-border transactions, arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

Contact:
James Martin
Media Relations Mgr EMEA, White & Case
44 0 20 7532 2853/ 44 0 7939 012 011

Alexandra Henderson
Media Relations Executive, White & Case
44 (0) 20 7532 2848

	Press Releases
Expertise Banking Mergers & Acquisitions Lawyers Chris J. Budway Barbara Choi Dr. Balázs Fazekas Robert B. Irving Rob Mathews Anna-Marie C. Slot Orsolya Szabó Locations Budapest London	Largest LBO in Baltic Region The Economies of Lithuania and Latvia Continue to Attract Overseas Investment Budapest, London, January 24, 2007 ... White & Case is advising private equity firm Mid Europa Partners ("Mid Europa") in its acquisition of 100 per cent of Baltic mobile operator Bité from Danish company TDC, as well as advising on the financing for the deal. Mid Europa has agreed to purchase Bité for the purchase price of €0.45 billion. The transaction ranks as the largest ever leveraged buy-out (LBO) in the Baltic region, as well as being among the largest LBOs in Central Europe to date. Bité is one of the fastest growing mobile telephone companies in Europe. It is the number two operator in Lithuania, holding a 30 per cent share of the mobile market in terms of revenues, as well as being the number three operator in Latvia, where it has successfully developed its business since its launch in September 2005. "We have seen increased investor confidence in this region, largely due to the rapid development of the economies of countries such as Lithuania and Latvia," commented Rob Irving, lead White & Case partner advising on the deal. "These countries have fast-growing mobile telecommunications markets and Mid Europa’s acquisition of Bité puts it in a very good position." This acquisition marks Mid Europa’s fifth investment in the mobile GSM market. The company plans to leverage its strong track record and established experience in the mobile telecommunications sector to add significant value to Bité, through consolidating its market position in Lithuania and expanding in Latvia. Mid Europa is a leading private equity firm investing in Central and Eastern Europe. Operating from London, Budapest and Warsaw. Mid Europa advises and manages funds with committed capital in excess of €1.1 billion. The White & Case team advising Mid Europa was led by Budapest-based partner Rob Irving, working with associates Anthony O’Connor, Orsolya Szabó, Chris Budway, Tibor Szántó and Balázs Fazekas on the M&A aspects of the transaction. London-based partners Barbara Choi and Rob Mathews led on the financing of the transaction, working alongside counsel Jonathan Bloom and associates Anna-Marie Slot and Vanessa Small. This is not the first time that White & Case has advised Mid Europa on an LBO in Central and Eastern Europe. Last year the Firm advised Mid Europa, acting on behalf of the AIG Emerging Europe Infrastructure Fund ("EIFF") and a subset of investors in EIFF, in the sale of Karneval Media s.r.o and Forcable s.r.o. to Unite Holdco III B.V., for €322.5 million. About White & Case White & Case LLP is a leading global law firm with more than 2,000 lawyers in 35 offices in 23 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our network and depth of our US, English and local law capabilities in each of our offices and rely on us for their complex cross-border transactions, arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients. Contact: James Martin Media Relations Mgr EMEA, White & Case 44 0 20 7532 2853/ 44 0 7939 012 011 Alexandra Henderson Media Relations Executive, White & Case 44 (0) 20 7532 2848