Chime Communications - planned disposal of its Bell Pottinger public relations businesses

  • 31 May 2012
 

Slaughter and May is advising Chime Communications PLC ('Chime'), a leading marketing services group, on its planned disposal of parts of its Public Relations Division for a total consideration of £19.6 million.

Chime announced on 31 May 2012, that it has agreed to sell the Bell Pottinger businesses to BPP Communications Limited (a company that has been formed by certain directors and senior managers of Chime to make the acquisition). The main trading businesses being sold are: Bell Pottinger Public Relations, Pelham Bell Pottinger (60%), Bell Pottinger Public Affairs, Bell Pottinger Sans Frontières and Bell Pottinger Middle East. In addition, BPP Communications will acquire the 40% stake in Pelham Bell Pottinger held by senior management. As part of the transaction, Chime will acquire a 25% stake in BPP Communications.

The disposal is part of Chime’s strategy to focus on being a communications and sports marketing business.

As this is a related party transaction it is subject to shareholder approval and it is expected that a general meeting of shareholders will be held on 18 June 2012 to approve the disposal.

 
 

Contacts

 

Corporate and Commercial: Paul Dickson (partner), Stuart Burnett (associate); IP/IT: Cathy Connolly (partner), Oliver Savage (associate); Pensions and Employment: Roland Doughty (partner), Veena Sivapalan (associate); Tax: Sara Luder (partner), Jisun Choi (associate); Real Estate: David Waterfield (partner), Will Bryant (associate)

 
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