Norton Rose Fulbright and Cooley lead on Trinity Mirror's acquisition of Local World
Deal that will create the UK's largest regional newspaper publisher also sees roles for Freshfields and Olswang
October 29, 2015 at 06:16 AM
2 minute read
Norton Rose Fulbright and Cooley have taken the lead roles on Trinity Mirror's purchase of the remaining shares of regional newspaper publisher Local World.
The terms of the deal value Local World at £220m on a debt-free cash-free basis.
The Norton Rose Fulbright team is being led from London by corporate partner Chris Pearson. Finance partner Michael Ings is advising on the banking aspects of the deal.
Pearson also advised Trinity Mirror in 2007 when it sold its southeast regional newspaper business to rival Northcliffe Media for £64m.
Cooley is advising Local World with a team led by corporate partner Ed Lukins. Lukins is being assisted by the firm's UK tax director Michael McCormack and employment partner Ann Bevitt.
Trinity Mirror has owned 20% of Local World since its inception in January 2013. The acquisition of the remaining 80% will create the UK's largest regional newspaper publisher, with a total of 167 regional print publications.
Local World shareholders the Daily Mail and General Trust (DMGT) and the Iliffe family and its trusts are being advised by Freshfields Bruckhaus Deringer and Olswang respectively.
Freshfields is advising DMGT with a team led by corporate partner Natasha Good.
The Olswang team advising the Iliffe Family and its trusts is being led by head of corporate Mark Bertram. He is being assisted in tax matters by partner Mark Joscelyne.
Ashurst is acting for the banks on the transaction, Numis and Barclays, with a team led by equity capital markets practice head Nicholas Holmes.
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