Simmons and Taylor Wessing head up HMV's £53m Waterstone's sale
Simmons & Simmons and Taylor Wessing have taken headline roles on the £53m sale of the Waterstone's book chain by struggling music retailer HMV. Simmons took the lead role for the seller, fielding a team led by City M&A partner Giles Dennison, while Taylor Wessing acted for buyer A&NN Capital Fund Management, led by London corporate finance partner Tim Stocks. The deal marks a first-time appointment for Taylor Wessing and comes on the back of a market recommendation, while Simmons is a longstanding adviser to HMV.
May 23, 2011 at 06:37 AM
2 minute read
Simmons & Simmons and Taylor Wessing have taken headline roles on the £53m sale of the Waterstone's book chain by struggling music retailer HMV.
Simmons took the lead role for the seller, fielding a team led by City M&A partner Giles Dennison, while Taylor Wessing acted for buyer A&NN Capital Fund Management, led by London corporate finance partner Tim Stocks.
The deal marks a first-time appointment for Taylor Wessing and comes on the back of a market recommendation, while Simmons is a longstanding adviser to HMV.
A&NN is a Bahamas-registered investment group in which Russian billionaire Alexander Mamut has an interest. Mamut also holds a minor stake in the HMV Group. The company said the sale is part of an effort to strengthen the balance sheet of the wider group.
Stocks commented: "This was an exciting transaction to be appointed to work on. It was in the public gaze and we were up against the task of working – in cooperation with Simmons on the other side – to get the deal signed in just four days."
Dennison added: "I have advised HMV for a very long time. It is a very important client relationship for the firm and they are a very pleasant team to work with."
On the financial advisory side, HMV instructed Nomura while Credit Suisse acted for the buyer. Nomura took legal advice from Ashurst.
The deal is subject to shareholder approval and is expected to close at the end of June.
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