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HDY turns dial on radio deal

HDY turns dial on radio deal

Henry Davis York has advised Illyria on its takeover of DMG Radio Australia.

Firms: Henry Davis York (Illyria)

Deal: Successful acquisition of DMG Radio Australia (DMGRA), the owner of Nova and Smooth FM radio stations

Area: M&A

Value: More than $100 million

Key players: Scott Murray led the HDY team, who were key advisers to Lachlan Murdoch's investment entity Illyria

Deal significance: "We acted for Illyria on structuring aspects related to the acquisition. In brief, the structuring aspects involved corporate, trust and Australian and international taxation issues in relation to a series of cross-border transactions," said Murray. Announced 2 September 2012, Illyria has moved to 100 percent ownership, acquiring from Daily Mail and General Trust plc the remaining 50 percent in DMGRA. Illyria first acquired a 50 percent interest in November 2009, in which Henry Davis York was also the key legal adviser. 

“When we acquired our 50 per cent interest in DMGRA in November 2009 we set out to create one of Australia’s leading media companies. Over the past three years, working alongside DMGRA’s wonderful staff, we have successfully implemented our growth strategy," said Lachlan Murdoch. 

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