A little-known Arab investment group has joined forces with two European private equity firms in a €1.2bn ($1.6bn) swoop for two media companies in the Czech Republic. The acquisition is the largest leveraged buyout in the country's history.

Dubai-based Al Bateen, Lehman Brothers' private equity arm and Mid Europa, the central European buyout specialist, together bought Radiokomunikace, the Czech Republic's national television broadcaster, and took a 39.2% stake in T-Mobile Czech Republic, a domestic telecoms provider.