Mallesons Stephen Jaques has acted on the first major media deal of the year, advising the underwriters on the capital raising associated with the $4.1bn sale of Seven Media Group to West Australian Newspapers Holdings (WAN).
Mallesons acted for JP Morgan and UBS. The team was led by M&A partners Evie Bruce, Nigel Hunt and Daniel Kirk who were assisted by senior associates Jonathan Grant and Alexei Fedotov and solicitor Laura Steinke.
“The structure of the capital raising was very complicated, involving three separate offers – an accelerated entitlement offer of convertible loan securities, a public offer of WAN ordinary shares and a sell down of SGH’s existing 24.3% interest in WAN. A number of interesting legal and regulatory issues arose from the interdependencies between the components of the capital raising,” said Ms Bruce.
WAN raised $1bn to help fund the sale. The deal has been valued at $4.1bn with Seven Media Group’s assets including Australia’s highest-rating television network.
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