B2B publisher Incisive Media’s private equity backer is splitting the business in two, FT.com reports.
Apax Partners, which owns 59 percent of Incisive, will take full control of its US-based American Lawyer Media portfolio of magazines, websites and events, which Incisive bought for $630 million (387 million) in 2007.
Apax in investing another $15 million (9.2 million) into the spun-out unit as part of a debt restructuring drive - as a result of a debt-for-equity swap with Royal Bank of Sctoland, the unit’s debt falls from $450 million to $300 million, according to FT.com.
The remainder of the company remains with London-listed Incentive, in which Apax retains its 59 percent share - for now, at least…
Minority shareholders Ingenious Media, which slashed the value of its investment in March, Caledonia Investments and Apax could end up owning just a fraction of Incisive shares if further debt for equity deals are agreed with lenders.
By Patrick Smith