MTG purchased over 9 million shares of P4 on Monday from an number of institutional and private shareholders for 30 Norwegian kroner per share. MTG now owns the equivalent of 68 percent of the P4 shares.
The offer was a 50 percent premium to Monday’s closing prices.
“P4 Radio has been a long term strategic holding for MTG for almost 10 years,” said Hans-Holger Albrecht, president and CEO of MTG. “The Company is cash generative with a strong management team.”
Albrecht said this would create the largest Scandinavian radio broadcaster. P4 Radio is estimated to have 55 percent of the total Norwegian radio advertising market with about 1.25 million listeners each day.