Reed Smith and Osborne Clarke tapped for £70m Majestic Wine deal
Firms appointed as Majestic Wine agrees deal to buy online wine seller Naked Wines
April 12, 2015 at 07:04 PM
2 minute read
Reed Smith and Osborne Clarke have landed lead roles advising on Majestic Wine's £70m deal to buy rival Naked Wines.
On Friday (10 April) Majestic announced that it would acquire online wine seller Naked Wines to turn its business into an "international, multi-channel specialist wine retailing group".
The total consideration for the deal is £70m, made up of £50m in cash on completion and £20m contingent consideration that will be paid in the form of Majestic shares. The cash consideration is being funded through new borrowing by Majestic.
At the same time it was announced that Naked Wines founder and chief executive Rowan Gormley would be appointed as chief executive of the enlarged Majestic.
Phil Wrigley, chair of Majestic, said it was a "transformational deal" that would "significantly accelerate the planned development of Majestic's online capabilities".
He added: "The two businesses have significant strengths that are very complementary. Majestic's distribution skills, a nationwide UK store network and customer service-orientated knowledgeable staff are a perfect fit with Naked Wines' unique sourcing and selling model."
Osborne Clarke is advising Majestic on the deal with a team led by corporate partner James Massy-Collier.
Reed Smith is acting for Naked Wines and is fielding a team led by head of private equity for Europe and the Middle East Perry Yam and private equity partner James Cross.
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