LONDON (AFX) – Guardian Media Group said it has agreed to sell a 49.9 pct minority stake in the Trader Media Group to private equity firm Apax Partners in a deal that values TMG at 1.35 bln stg.
GMG will retain a majority stake in the business.
GMG said it had considered proposals from interested parties as well as the possibility of an IPO, but decided a minority stake sale would be in the best interests of TMG’s long-term growth plans.
GMG chairman Paul Myners, said: ‘The sale of a minority stake in Trader Media Group allows us to rebalance our portfolio of assets, while also continuing to benefit from the huge success of TMG. The structure we have negotiated provides TMG with a sound basis for future development.’
kathy.sandler@thomson.com