Funds advised by Apax Partners acquire stake in Trader Media Group
23 March 2007
London, UK, 23 March 2007 Funds advised
by Apax Partners ("Apax") today announced the proposed acquisition
of a 49.9% stake in Trader Media Group ("Trader") from the Guardian
Media Group ("GMG"). GMG will retain a 50.1% stake in the business.
The transaction values Trader at £1.35 billion.
GMG announced in 2006 that it had decided to rebalance the
Group's portfolio through the sale of a minority stake in
Trader.
Tom Hall, Partner at Apax Partners, said: "We have followed the
development of Trader with admiration for some time and are looking
forward to partnering with GMG in such a high quality business. Our
significant investment experience in the classified directories
sector qualifies Apax well to support Trader in the continued
evolution of both its print and online platforms."
"In addition, we are delighted to have delivered with JP Morgan
our second covenant-lite financing package in two weeks, and the
first ever new-money European covenant-lite deal. This innovative
structure brings considerable benefit and flexibility to
Trader."
Carolyn McCall, Chief Executive of GMG, added: "This is good
news for GMG and Trader. We have been able to take advantage of the
strong appetite for quality media assets and retain a majority
stake in this superb company, from which we expect continued
growth.
"Apax shares our commitment to the long-term development of
Trader, and is an excellent partner for us in the business. We look
forward to working closely with Apax as we build on the success of
Trader together."
Apax was advised by: BNP, JP Morgan, Allen & Overy, OC&C
Strategy Consultants and PwC.
Merrill Lynch International acted as lead financial adviser to
GMG.
Notes to Editors
About Apax Partners
Apax Partners is one of the world's leading private equity
investment groups. It operates across the United States,
Europe, Israel and Asia and has more than 30 years of investing
experience. Funds under the advice of Apax Partners total $20
billion around the world. These Funds provide long-term
equity financing to build and strengthen world-class
companies. Apax Partners Funds invest in companies across its
global sectors of Tech & Telecom, Retail & Consumer, Media,
Healthcare and Financial & Business Services. Funds advised by
Apax Partners have invested in the media sector for more than 20
years. Significant recent investments include: Incisive Media,
Central European Media Enterprises, HIT Entertainment, World
Directories and Yell. For more information visit: www.apax.com
For further information, please contact
Ben Harding
T: +44 20 7872 6300
E: ben.harding@apax.com