PPF Group N.V. signed an agreement to acquire NOVA Broadcasting Group AD from Modern Times Group Mtg AB (OM:MTG B) and Eastern European Media Holdings S.A. for an enterprise value of SEK 1.8 billion on February 19, 2018. Under the terms of the deal, MTG is selling its 95% shareholding in Nova Broadcasting to PPF Group and all cash transaction values 100% of the business at an enterprise value of SEK 1.83 billion. Eastern European Media will sell 5% stake in Nova Broadcasting. Nova generated SEK 991 million in sales and SEK 195 million in operating income for the full year 2017. Closing is subject to regulatory approvals, approval by competition regulator. As of July 19, 2018 Bulgaria's competition regulator rejected the transaction. Transaction is expected to take place during the first half of 2018. The proceeds will be used by MTG to invest in Nordic Entertainment, Studios and global digital entertainment businesses. Citigroup Global Markets acted as the financial advisor for MTG. Jakub Cech, Lisa Goransson, Anna Rita Kiss, Hugh Owen, Magda Pokorna, Prokop Verner, Shreya Aren, Valentin Bourgeois, Lydia Challen, Petr Hotovec, Alexandra Pedder and Richard Smith of Allen & Overy and Georgi Spasov, Nayden Raychinov of Spasov & Bratanov acted as legal advisors to Modern Times Group Mtg AB. White & Case LLP, Helen Rodwell, Atanas Bangachev, Frances Gerrard and Veliko Savov of CMS acted as legal advisors for PPF. PPF Group N.V., cancelled the acquisition of NOVA Broadcasting Group AD from Modern Times Group Mtg AB (OM:MTG B) and Eastern European Media Holdings S.A., on January 7, 2019. The reason for such decision lies with the fact that the transaction was not approved by Bulgarian antitrust regulator.