Jurisdictions involved
UK
The business and background
We acted as lead advisors to the digital content platform and publisher Dezeen on its sale to Danish media company JP/Politikens Hus Media Group (JPP). Dezeen has a long-established reputation as the world’s most popular and influential architecture, interiors and design magazine and digital content platform. The deal, which preserved Dezeen’s editorial independence, helped drive the brand’s ambitious growth plans whilst retaining its prestigious position in the industry.
What we did
Our Corporate Finance team were approached to advise Dezeen’s shareholders concerning its sale to JPP. With the March 2021 budget and potential Capital Gains Tax implications looming (which had the potential to erode value to our client), this gave us only a matter of weeks to complete the deal.
During this time, we prepared a full business plan with a financial forecast which was presented to the JPP Board. We used this to negotiate a substantial increase in price to the benefit of our client. Within this constrained timeline, we also agreed on terms, oversaw the delivery of a revised Enterprise Management Incentive (EMI) share option scheme for key management and worked tirelessly with both legal teams to deliver the deal on time.
Adding pressure to the already compressed timeline, a last-minute request for a company audit was made within a fortnight of completion. We negotiated to reduce the required scope of this audit and found a firm able to assist, working with them to deliver on time.
The outcome
The team, led by Adrian Howells, delivered the transactions within six weeks from start to finish and secured an 80% uplift on the initial offer for the Dezeen shareholders.
