Wragge & Co LLP Corporate group is advising AIM-quoted UBC Media Group plc on the disposal of its Commercial Division to NASDAQ-listed Global Traffic Network, Inc. The consideration is for an initial cash payment of £9 million on completion and up to £5.5 million dependent upon achievement of future revenue targets.

UBC's Commercial Division supplies entertainment, traffic and travel news to the majority of UK radio stations. GTN is a provider of custom traffic and news reports to radio and television stations outside the US. Completion of the disposal is expected to take place on 2 March 2009.

Corporate partner and UBC client partner Julian Henwood led the deal, with assistance from solicitor Ann-Marie Davies. Daniel Curtis provided real estate advice and Rebecca Jones advised on employment issues. The team worked closely with Simon Cole, chief executive of UBC.

Julian Henwood said: "We have a longstanding relationship with UBC, having advised on its AIM IPO in 2000 and several subsequent corporate acquisitions of leading production house Smooth Operations and a number of Classic Gold radio stations from GCap Media. Our close working relationship with UBC's management team and knowledge of the radio sector helped bring this latest transaction home."

Simon Cole at UBC said: "This has been a long and difficult transaction. Selling a business based on advertising revenue to a NASDAQ-quoted company in the current climate was certainly a challenge. Throughout the discussions and negotiations, it was difficult to stay calm and focused on the end goal. The Wragge & Co team - especially Julian Henwood - did exactly that. I am grateful for both the professional advice and moral support that I received."

AIM-quoted UBC supplies audio content and broadcast data software to the radio industry. It is the largest independent radio programming producer for the BBC and part of the MXR Digital Radio Multiplex consortium. John Quinn, COO, will move to GTN with the Commercial Division.

GTN operates the largest traffic and news network in Australia, traffic networks in eight Canadian markets and has commenced operations in the UK. UK solicitors Finers Stephens Innocent LLP and US attorneys Maslon Edelman Borman & Brand LLP advised GTN.

Wragge & Co's 70-lawyer Corporate group boasts a strong reputation for providing mid-market M&A advice. This year, the group advised De Rigo, Italian parent company of Dollond & Aitchison, on creating the UK's second largest optical chain through the creation of a joint venture with Boots Opticians. It also advised NASDAQ-listed Automatic Data Processing, Inc on a cross-border acquisition deal. Latest deals include a string of transactions for FTSE-250 precision instruments company Spectris plc, including its acquisition of US-based nCode International for an initial consideration of £17.5 million and its acquisition of the LDS Test and Measurement business from SPX Corporation for an initial consideration of $86 million.

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For further information about this press release, contact Kathryn Hobbs on +44 (0)121 685 2785, Amie Ryalls on +44 (0)121 685 2708 or Rebecca Davies on +44 (0)121 685 3819

This press release may contain information of general interest about current legal issues, but does not give legal advice.