Slaughter and May advised Bertelsmann on its USD 1 billion acquisition of a further 22 percent stake in Penguin Random House11 Jul 2017
Slaughter and May advised Bertelsmann SE & Co. KGaA on the UK corporate and tax and EU competition law aspects of its acquisition of a further 22 per cent. stake in Penguin Random House, a venture with Pearson PLC. Following completion of the transaction, which is subject to regulatory approval, Bertelsmann will own 75 per cent. of the venture.
The firm worked as part of an integrated team with Davis Polk & Wardwell LLP and Bertelsmann’s in-house legal team.
Penguin Random House was formed in 2013 through the combination of the Random House and Penguin Group publishing houses and counts among its authors Dan Brown, Barack and Michelle Obama, and John Grisham. Slaughter and May acted for Bertelsmann on the original combination. The transaction values Penguin Random House at an enterprise value of USD 3.55 billion.
Corporate and Commercial: Craig Cleaver (partner), Richard Hilton (associate), Andrew Smith (associate)
Competition: John Boyce (partner), Henry Llewellyn (associate)
Pensions and Employment: Sandeep Maudgil (partner)
Tax: Tony Beare (partner), Jamshed Bilimoria (associate)
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