London – LawFuel – Media Law News – Allen & Overy LLP has advised Apax Partners on its acquisition of a 49.9% stake in Trader Media Group from Guardian Media Group. The remaining 50.1% stake in the business will be retained by Guardian Media. The acquisition values Trader Media Group at STG1.35 billion.
The Allen & Overy team was led by private equity partner Derek Baird and financing partner Robin Harvey. The team also included private equity partner Chris Thornes, and associates David Foster and Michael Mustard. US Securities associate Adam Farlow and Banking associate Fiona Cumming assisted Robin on the financing aspects of the transaction. The transaction is the first new money European deal to be done on a full “covenant lite” basis.
Commenting Derek Baird said: “We have an established relationship with Apax Partners on the financing side. In the last year, we have acted for them on a number of deals on the M&A side, with the Trader Media deal being the first completed deal to be announced.”