Bird & Bird advises the European Bank for Reconstruction and Development on its 40 EUR million investment in the Eastern European operations of WAZ (Westdeutsche Allgemeine Zeitungs) Media Group

29 April 2009

Bird & Bird advised the European Bank for Reconstruction and Development (EBRD) on its 40 EUR million investment in the Eastern European operations of Germany’s WAZ (Westdeutsche Allgemeine Zeitung) Media Group. The EBRD will initially invest 20 EUR million for a stake in Ost Holding, the Vienna-based company which manages WAZ’s media interests in Eastern Europe and a further 20 EUR million is reserved for future capital increases. The EBRD’s investment in the WAZ Group further supports the development of politically and economically independent media in the region.

Andrew Hallgarth, in London’s Banking and Finance Group, led the Bird & Bird team which included associate Pawel Samolewicz. Andrew Hallgarth commented: "Experience from working on projects in Central and Eastern Europe for over 15 years and our commitment to a co-operative and constructive approach were important factors in ensuring this important and complex project was closed on time".

Bird & Bird’s International Banking and Finance Group has wide ranging expertise in both domestic and international work, acting for commercial, development and investment banks, funds, multilateral banks and other financial institutions from around the World.

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For more information please contact:

Allison Reid or Ben Girdlestone
Tel: +44(0)20 7982 6079 / +44(0)20 7982 6470
Email: allison.reid@twobirds.com / ben.girdlestone@twobirds.com

Notes to Editors

About Bird & Bird

Bird & Bird is an international legal practice comprising Bird & Bird LLP and its affiliated and associated businesses, and has offices in Beijing, Bratislava, Brussels, Budapest, Düsseldorf, Frankfurt, The Hague, Helsinki, Hong Kong, London, Lyon, Madrid, Milan, Munich, Paris, Prague, Rome, Shanghai, Stockholm and Warsaw.

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