Travers client becomes Europe's largest film company
Legal Week
February 21, 2001 at 07:03 PM
2 minute read
Travers Smith Braithwaite has advised on its first deal for Pinewood Studios since the client was bought out of Rank Group last year.
The transaction saw Candover Investment sell its majority stake in Shepperton Studios to Pinewood to form Europe's largest film company, valued at £100m.
The deal values Shepperton at £40m, 60% of which was paid to Candover in cash. 3i Group will be the main investor in Pinewood-Shepperton, with a stake of about 60%. Film directors Ridley and Tony Scott will hold about one-quarter of the company with management holding the rest. Travers corporate partner, Philip Sanderson, advised Pinewood and 3i.
The firm has had a long-standing relationship with the client after advising it on the management buyout. Marriott Harrison, led by corporate partner Jonathan Pearce, advised Shepperton.
"The deal began last summer but because the studios were competing businesses we had to get OFT clearance," Sanderson said.
"It was a complicated transaction because there were so many interest groups. We had 70 or 80 lawyers working round the clock to close it last week."
He added: "We certainly hope to see more work from the client in the future."
In a separate deal, 3i also backed the £24m management buyout of The Mill – the visual effects specialist, which was sold out of Shepperton last week. The company recently devised the visual effects for the Oscar nominated Gladiator.
Sanderson and Pearce again advised 3i and Shepperton respectively, with Martin McNare at Dickson Minto acting for The Mill.
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