Penguin Random House published former U.S. First Lady Michelle Obama's book "Becoming." Photo: Shutterstock.comLinklaters, Hengeler, Freshfields Advise on Bertelsmann Deal to Acquire Remaining Stake in Penguin Random House From Pearson
Linklaters advised Bertelsmann, while Freshfields advised Pearson and Hengeler Mueller advised investment bank BNP Paribas.
March 18, 2020 at 04:47 PM
2 minute read
Three large firms had roles in the Bertelsmann-Pearson deal in which German media conglomerate Bertelsmann paid €675 million ($741 million) to buy the remaining 25% of Penguin Random House from Pearson, giving the German company sole ownership of the world's largest trade publishing group.
Linklaters advised Bertelsmann, Freshfields Bruckhaus Deringer advised seller Pearson, and Hengeler Mueller advised investment bank BNP Paribas.
BNP Paribas, Fortis SA/NV, Barclays Bank Ireland PLC and National Westminster Bank PLC acted as mandated lead arrangers. The deal is subject to approval and is expected to close in the second quarter of this year.
Penguin Random House was created by Bertelsmann and Pearson by combining their respective Random House and Penguin Group businesses in 2013. In 2017, the German company upped its stake to 75%. Penguin Random House currently comprises around 275 publishers; a further 47 book publishing imprints belong to the Munich-based Verlagsgruppe Random House.
Penguin Random House published former First Lady Michelle Obama's memoir "Becoming," which is one of the most successful memoirs ever published, with more than 10 million copies sold worldwide. It is also due to publish former President Barack Obama's post-presidential memoir—possibly later this year.
Bertelsmann's holdings include the broadcaster RTL Group, the magazine publisher Gruner + Jahr, the services company Arvato as well as Bertelsmann Education and Bertelsmann Investments.
Partner Neil George Weiand was the lead attorney advising Bertelsmann for Linklaters on the deal. Bertelsmann was also advised in-house by Hendrik Horn.
Freshfields U.K.-based lawyers Paul Davison, Charles Magoffin, Oliver Lazenby and Alastair Chapman advised Pearson.
Hengeler Mueller partner Johannes Tieves advised BNP Paribas.
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