Simmons & Simmons have advised long standing client, Future plc, the global platform for specialist media, on the class 1 acquisition of TI Media for c. £140m in cash which was part funded by a c. 9.6% share placing to raise £104.4m in October 2019.
The acquisition signed on 30 October 2019 subject to the satisfaction of various conditions, including requisite clearances from the Competition and Markets Authority (CMA). Following the satisfaction of the conditions, the acquisition completed on 20 April 2020.
TI Media is a renowned magazine and digital media company whose publications include, among others, Horse and Hound, Marie Claire UK, Woman & Home and Country Life. TI Media brings to Future plc a presence in the wine, golf, equestrian, country living, TV listings, women’s lifestyle and gardening verticals, and deepens and extends Future plc's strength and position in the home, cycling and country sports spheres.
Simmons & Simmons advised on all aspects of the acquisition, including the M&A, placing and class 1 aspects, tax, competition and debt financing elements. The Simmons & Simmons team also drew on cross firm experience to support Future plc in delivering the acquisition, on schedule, despite the COVID-19 pandemic having struck after the acquisition signed.
Commenting on the acquisition, Managing Associate, Steph Featherstone, said: “We would like to congratulate Future plc on the completion of this significant acquisition and are delighted to have been able to continue to support Future plc on its remarkable growth story. From our perspective, this has been a real cross firm effort and a fantastic illustration of the collaboration and flexibility we are able to offer clients – even when presented with the current challenging and uncertain market conditions.”
Zillah Byng-Thorne, CEO of Future plc, commented: “Simmons & Simmons continue to be a preferred partner to Future plc in all corporate matters, their combination of commercial advice and professionalism align with our values.”
The Corporate M&A team advising on the acquisition was led by Managing Associate, Steph Featherstone with support from Supervising Associate, Oliver Gingell. The Corporate public markets team was led by Partner, Colin Bole, with support from US Senior Associate, Andrea Tompkins. The Competition team was led by Partner, Satyen Dhana with support from Associate, Romain Girard and the Debt/Finance team was led by Partner, James Taylor. Numerous other lawyers across the Firm also supported Future plc on the acquisition.