3i Buys Into European Union Radio
December 20, 2007 at 12:36 PM (PT)
BRITISH private equity firm 3i has acquired a 16.2% stake in Spanish radio group UNION RADIO, paying owners GRUPO PRISA and GODO 225 million euros ($324 million) to do so. The radio unit, which will still be more than 66% controlled by PRISA, owns 100% SPAIN's most listened-to radio network CADENA SER and GRUPO LATINO DE RADIO (GLR), with 1,240 stations in SPAIN and the AMERICAS.
PRISA said the main aim of the agreement was to grow UNION RADIO and, potentially in the medium term, list it in SPAIN or the U.S.