3i tunes into Union Radio minority stake

3i has acquired a significant minority stake in Hispanic radio operator Union Radio. The deal was carried out via a private placement and capital increase with an initial investment of EUR125m, out of a total commitment of EUR225m.

Union Radio is valued at EUR1.3bn and owns 100% of Cadena Ser and Grupo Latino de Radio (GLR) which collectively control more than 1,250 radio stations in Spain and Latin America.

3i will work closely with the company to significantly increase its value with a view to a potential IPO in Spain or the US in the medium term. 3i partner Maite Ballester and director Javier Alonso will join Union Radio's board of directors.

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• Topics
• Expansion
• Southern Europe