Wragge & Co LLP Corporate group has advised Lloyds TSB Development Capital Limited on its acquisition of eight Midlands radio licenses from Global Radio for an undisclosed amount. The management team involved in the purchase included leading radio industry player Phil Riley.

The stations are BRMB – Birmingham, Mercia FM – Coventry, Beacon FM – Wolverhampton & Staffs, Radio Wyvern – Worcester, Gold stations in Birmingham, Coventry and Wolverhampton and Heart 106 in the East Midlands. This transaction brings to a conclusion the merger between GCap Media and Chrysalis Radio, pending formal approval from the Office of Fair Trading.

Corporate partner Maurice Dwyer and director Catherine Clarke led a cross-firm team with assistance from Kristin Garrett. More than 40 Wragge & Co lawyers provided transaction services, tax, IP, commercial, regulatory, competition, banking, pensions, employment and property advice.
 
The Wragge & Co team worked alongside managing director Martin Draper, investment directors Andy Grove, Andy Lyndon, Steve Aston and Paul Figgins, and in-house legal counsel Andrew Sanders at LDC.

Catherine Clarke said: "The deal required us to mobilise a large team to deliver on all of its various aspects, including acquisition, due diligence and funding, in a co-ordinated way and in a very tight timescale of just three and a half weeks."

Andy Grove at LDC said: "We were very impressed with the organisation, speed of delivery, commerciality and professionalism of the Wragges team. Their understanding of our commercial objectives and their application, focus and hard work were invaluable to us in meeting a very demanding timetable."

LDC is a UK-based private equity company in the mid-market. It is part of the Lloyds Banking Group and is authorised and regulated by the Financial Services Authority. Wragge & Co previously advised on its £40 million investment in GVA Grimley LLP.

Global Radio is the UK's leading commercial radio brand with stations and hubs in more than 60 locations and 18.5 million listeners. Olswang provided legal advice.

Wragge & Co's Corporate group handles a complete range of corporate finance work. Operating as one team from offices in London and Birmingham, it specialises in mid-market work for clients ranging from worldwide brands to private companies. The team's lawyers specialise in mergers and acquisitions, private equity, IPOs, joint ventures, public takeovers, share schemes, complex corporate structuring and tax.

Latest deals in the radio sector include advising AIM-quoted UBC Media Group plc on the disposal of its Commercial Division to NASDAQ-listed Global Traffic Network, Inc and its Classic Gold radio stations to GCap Media PLC. Wragge & Co has also advised digital media company Campus Media on its AIM flotation.

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For further information about this press release, contact Kathryn Hobbs on +44 (0)121 685 2785, Rebecca Davies on +44 (0)121 685 3819, Gayle Redding on +44 (0)121 685 2708 or Rebecca Lum on +44 (0)121 260 9973

This press release may contain information of general interest about current legal issues, but does not give legal advice.