Herbert Smith Freehills and Allen & Overy advise as UBM makes $485m play for Asian rival
UK firms land roles as London-headquartered media company agrees to buy Allworld
December 14, 2016 at 05:59 AM
2 minute read
Allen & Overy (A&O) and Herbert Smith Freehills (HSF) have landed roles as UK events and marketing company UBM agrees to buy Asian rival Allworld for $485m (£382m).
HSF is representing Allworld, which is a new client for the firm, with a team led by London corporate partners Gavin Williams and Alan Montgomery.
A&O is advising longstanding client UBM with a team led by City corporate partner Jeremy Parr and including partner Richard Kim. Previously, the firm advised the media company in 2007 on the proposed return of approximately £203m to shareholders through a special dividend.
In addition, UBM instructed A&O on the sale of its 20% stake in Satellite Information Services to Catalyst Media Group for £23m in 2005.
UBM has also turned to Ashurst in the past for legal advice, including on the sale of its press release business PR Newswire to public relations company Cision for $841m (£555m). Ashurst advised on the UK aspects of the disposal, while Morgan Lewis handled all US aspects of the sale.
Ashurst also advised UBM on the sale of its 35% stake in Channel 5 Television in 2005, to European broadcasting giant RTL for £247.6m.
Both A&O and HSF are also currently acting on 21st Century Fox's proposed £18.5bn takeover of Sky. The magic circle firm is leading for 21st Century Fox on the proposed deal, while it is understood HSF is advising Sky.
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