Firm advises Future plc on significant investment
17 Jul 2017
International law firm Simmons & Simmons has advised standard listed Future plc (“Future”) on the acquisition of the Home Interest division of Centaur Media plc at a value of £32m (the “Acquisition”).
Home Interest consists of three key brands: Homebuilding & Renovating, Period Living and Real Homes and comprises seven exhibitions, print and digital assets. The business is a trusted resource to homebuilding and renovating communities, providing reliable guidance, information and tools. The acquisition of Home Interest will enable Future to diversify its revenue stream, adding value, visibility and new significant growth opportunities.
The Acquisition will be part funded by a non-pre-emptive cash placing. The placing will comprise the issue of 8,800,000 new ordinary shares at a price of 250 pence per share that will raise £22m. It is expected that the Acquisition will complete simultaneously with the admission of the placing shares on 1 August 2017 (subject to the satisfaction of the conditions in the share purchase agreement, which include Centaur Media plc’s shareholder approval).
Zillah Byng-Thorne, CEO of Future plc, commented: "The acquisition of Centaur’s Home Interest division will significantly add to Future's scale while further diversifying our revenue streams, as we continue to build a global platform business for specialist media with data at its heart. We are very grateful for the support the Simmons & Simmons team provided us throughout the transaction".
Commenting on the Acquisition, partner Patrick Graves, said: ‘‘Simmons & Simmons is delighted to have advised Future on the acquisition of Home Interest, which enhances their significant portfolio of publications. After advising Future on its acquisition of the Imagine Publishing Group in 2016, we are pleased that we are able to continue to support Future in delivering its ambitious vision.”
The Simmons & Simmons team was led by partner, Patrick Graves assisted by Steph Featherstone (managing associate), Tom Burgoo (supervising associate), Andrew Carter (associate) and Haya Aftab (associate). The Simmons & Simmons banking team led by partner, Alistair Hill and assisted by Theodora Spilsbury (associate). The Simmons & Simmons tax team was led by Nick Cronkshaw (partner), assisted by Zoe Arnautov (managing associate) and Tom Brown (associate).