Allen & Overy (A&O) has won the lead corporate role advising Emap on a strategic review that could see the publishing company broken up.

Corporate partners Don McGown and Richard Browne were instructed by Emap last week to advise on the review of the company's structure and assets, which include radio stations and consumer magazines including FHM and Grazia in addition to trade titles such as Retail Week and Nursing Times.

The magic circle law firm is a longstanding adviser to Emap – sharing the relationship with Slaughter and May, which has previously acted on deals including Emap's £391m takeover of Scottish Radio Holdings in 2005.

Emap formally announced the review last week (27 July) in response to several unsolicited bids for parts of its publishing and media empire, including a reported informal approach from Apax for the company's business-to-business arm (B2B). McGown and Browne are also advising the company in relation to these bids.

It is unknown if Apax has yet retained counsel for an Emap bid. The buy-out house has made a string of acquisitions in the B2B sector since its 2006 take-private of Legal Week owner Incisive Media.

Apax turned to Ashurst when it backed the acquisitions of Incisive Media and the UK arm of VNU's business publishing arm, though the private equity house also maintains a five-strong advisory panel.

Other touted bidders for Emap divisions include United Business Media and Future Publishing.

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