TI Media is a UK-based, print-led consumer magazine and digital publisher with deep industry heritage and a portfolio that incorporates 41 brands including Decanter, Country Life, Wallpaper* and Woman & Home. TI Media brings to Future a presence in the Wine, Golf, Equestrian, Country Living, TV Listings and Gardening verticals and deepens and extends Future's strength and position in Home, Cycling, Consumer Technology and Country Sports.
Future is part-financing the consideration through a c. 9.6% share placing to raise £104.4m underwritten by Numis. The acquisition is conditional on shareholder approval and CMA clearance and is expected to close in the first quarter of next year.
Simmons & Simmons is advising on all aspects of the acquisition, including the M&A, ECM and class 1 aspects of the deal, tax, competition and the debt financing. We have previously advised Future on numerous acquisitions, rights issues, placings and a step up to the premium segment of the Main Market (amongst other things).
The Simmons team is led by corporate partners Colin Bole and Patrick Graves assisted by managing associates Steph Featherstone and Andrew Scott.
Zillah Byng-Thorne, CEO of Future, commented:
“Simmons & Simmons continue to be a preferred partner to Future in all corporate matters, their combination of commercial advice and professionalism align with our values.”
Steph Featherstone, managing associate in the Simmons & Simmons Corporate team, commented:
“We are delighted to be advising Future PLC on this exciting and strategic transaction and, more generally, to be a part of this company’s remarkable growth story.”