3i partners up with Grupo PRISA & Godo in Union Radio.

British private equity firm 3i is to build a 16.2 percent stake in Spanish radio group Union Radio, paying owners Grupo PRISA and Godo 225 million euros ($324 million) to do so.

3i would build its stake in Union Radio through payments to PRISA and Godo, and then via a series of increases in Union Radio’s capital.

The radio unit, which will still be more than 66 percent controlled by PRISA, owns 100% Spain’s radio network Cadena SER and Grupo Latino de Radio (GLR), with 1,240 stations in Spain and the Americas.

PRISA said the main aim of the agreement was to grow Union Radio and, potentially in the medium term, list it in Spain or the United States.