Shearman & Sterling has advised European buyout firm Mid Europa Partners on a series of transactions for it to acquire a controlling stake in Hungarian telecoms group Invitel.

The Shearman & Sterling team advised on the structuring of the complex blended debt and equity deal. The series of transactions involve Mid Europa Partners buying Danish telecommunications provider TDC’s 64.6% stake in Invitel and putting in cash to buy back existing debt. Each transaction in the series depends upon the closing of the other transactions. Certain regulatory and shareholder approvals are also required.

Lead partner Jacques McChesney said, “Our team of banking, M&A, capital markets and competition lawyers were very pleased to support Mid Europa Partners on this deal.”

Mid Europa Partners is an independent private equity firm focused on Central and Eastern Europe. Operating from London, Budapest and Warsaw, the firm advises and manages funds with asset value of approximately €3.2 billion.

Invitel Holdings A/S, formerly Hungarian Telephone and Cable Corp., operating under the Invitel brand name, is the second-largest fixed line telecommunications and broadband Internet Services Provider in Hungary.

Capital markets and M&A partners Jacques McChesney and George Karafotias led the Shearman & Sterling team of lawyers in London, New York and Brussels. They were assisted by associates Babett Carrier, Tania Mattei and Apostolos Gkoutzinis, David Plattner and Tasha Matharu. Partner Iain Goalen and associates Tersia Pillay and Marsili Hale advised on financing issues. Partner Matthew Readings and associates Antonia Horrocks and Andreas Kafetzopoulos advised on competition aspects of the deal. Associate Derek Kershaw advised on tax matters. Partner Julian Tucker advised on certain English law aspects of the transaction.