Slaughters and Simpson Thacher lead on €250m KKR music deal
Slaughter and May and Simpson Thacher & Bartlett have landed lead roles advising on a joint venture between media giant Bertelsmann and US private equity house Kohlberg Kravis Roberts & Co (KKR). Slaughters was drafted in to advise the German media group on the arrangement, which will see KKR putting in up to €250m (£214m) to acquire catalogues of songs.
July 23, 2009 at 05:12 AM
2 minute read
Private equity giant to acquire song catalogues over five-year JV
Slaughter and May and Simpson Thacher & Bartlett have landed lead roles advising on a joint venture between media giant Bertelsmann and US private equity house Kohlberg Kravis Roberts & Co (KKR).
Slaughters was drafted in to advise the German media group on the arrangement, which will see KKR putting in up to €250m (£214m) to acquire catalogues of songs.
Corporate partner Richard de Carle has the lead role for Slaughters, working alongside competition partner John Boyce, intellectual property (IP) partner David Ives and tax partner Richard Carson.
KKR turned to regular adviser Simpson Thacher on the five-year joint venture. New York corporate partner Mark Pflug led, assisted by IP partner Lori Lesser and pensions partner Andrea Wahlquist in the US.
The firm also fielded a team in London, including finance partner Ian Barratt and commercial disputes partner David Vann.
The joint venture will see Bertelsmann spinning out music arm BMG Rights Management, which owns the rights to songs by around 300 artists including Kylie Minogue, The Beautiful South and Roy Orbison.
KKR is expected to inject €50m (£43m) of equity into the venture when it completes its first acquisition, with the buyout house gaining a 51% stake in the joint venture in return. The first acquisitions are expected to take place by the end of the year.
One partner advising on the deal commented: "This is a really innovative way to finance a deal. Both parties are thinking creatively and the plan is to start making further acquisitions."
Both firms are longstanding advisers to their respective clients.
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