Greenberg Traurig Multi-office Team Completes $1.5 Billion Reverse Acquisition of Prisa by Liberty Acquisition Holdings

Dec 07, 2010, 15:53 ET from Greenberg Traurig, LLP

FORT LAUDERDALE, Fla., Dec. 7, 2010 /PRNewswire/ -- The international law firm Greenberg Traurig, LLP served as counsel to Liberty Acquisition Holdings Corporation ("Liberty") in connection with its purchase of Promotora de Informaciones, S.A. (MCE: PRS.MC; NYSE: PRIS, PRIS.B) ("Prisa"), the world's leading Spanish and Portuguese-language media group. The $1.5 billion reverse-acquisition is the third blank check transaction for Nicolas Berggruen and Martin E. Franklin, the founders of Liberty, a special purpose acquisition company (SPAC).  

The reverse acquisition was completed November 29th. Liberty shareholders voted to approve the purchase on November 24th. Prisa shareholders voted to approve the transaction as well as a new board of directors which includes Berggruen and Franklin, on November 27th. The Liberty shareholders are now the majority shareholders of Prisa. The Prisa shares issued in the business combination are listed for trading on the Madrid Stock Exchange and the New York Stock Exchange (PRIS and PRIS.B), through ADRs (American Depositary Receipts).  

A cross-office team of Greenberg Traurig corporate lawyers from Fort Lauderdale, Miami, New York, Tysons Corner, Chicago and Delaware collaborated to complete the acquisition. The Greenberg Traurig team included, among others: Donn Beloff, Bruce March, Brian Gavsie, Bernie Grondin and Jon Malkin from the Fort Lauderdale office; Greenberg Traurig's Global Practice Chair Patricia Menendez-Cambo, Randy Bullard, Mark Lopez, and Enrique Conde form the Miami office; Alan Annex and Ken Gerasimovich from the New York office; Jason Simon from the Tysons Corner office; Peter Lieberman from the Chicago office; and Kelly Terribile from the Delaware office.

"With each transaction, our collaborative approach has proven to be both effective and efficient in getting things done. We are able to access the talent needed for a variety of complex transactions," said Bruce March, Chair of Greenberg Traurig's Fort Lauderdale Corporate Practice Group. Donn Beloff, Chair of Greenberg Traurig's  Fort Lauderdale Securities Practice Group, added:  "Over the last few years, our ability to handle large, complex, cross-border transactions continues to grow and evolve, despite economic challenges and investor anxiety."

Promotora de Informaciones, S.A., or Prisa, is the world's leading Spanish and Portuguese-language media group in the fields of education, information and entertainment. With operations in 22 countries, it reaches more than 50 million users through its global brands, like El País, 40 Principales, Santillana and Alfaguara. As a lead global player in general-interest news, both Pay TV and Free-to-View TV, spoken-word and music radio, education and publishing, it's one of the world's most profitable media groups with a wide range of assets.

Liberty is the third SPAC created by GT for Berggruen and Franklin. The other two SPACs, Freedom Acquisition and Liberty International, completed their acquisitions in 2007 and 2009, respectively.  Presently, GT attorneys are working on similar SPACs, which they expect to bring to market in early 2011.

About Greenberg Traurig, LLP

Greenberg Traurig, LLP is an international, full-service law firm with approximately 1800 attorneys serving clients from more than 30 offices in the United States, Europe and Asia. In the U.S., the firm has more offices than any other among the Top 10 on The National Law Journal's 2010 NLJ 250. In the U.K., the firm operates as Greenberg Traurig Maher LLP. For additional information, please visit www.gtlaw.com.

SOURCE Greenberg Traurig, LLP



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