Future plc’s £140 Million Acquisition And £104 Million Equity Fundraise

Simmons & Simmons has advised Future PLC on its class 1 acquisition of TI Media for a total consideration of £140m in cash and its £104m equity fundraise to part fund the acquisition.

TI Media is a UK-based, print-led consumer magazine and digital publisher with deep industry heritage and a portfolio that incorporates 41 brands including Decanter, Country Life, Wallpaper* and Woman & Home. TI Media brings to Future a presence in the Wine, Golf, Equestrian, Country Living, TV Listings and Gardening verticals and deepens and extends Future’s strength and position in Home, Cycling, Consumer Technology and Country Sports.

Future is part-financing the consideration through a c. 9.6% share placing to raise £104.4m underwritten by Numis. The acquisition is conditional on shareholder approval and CMA clearance and is expected to close in the first quarter of next year.

Future plc is a British media company founded in 1985. It publishes more than 50 magazines in fields such as video games, technology, films, music, photography, home and knowledge.

Simmons & Simmons is advising on all aspects of the acquisition, including the M&A, ECM and class 1 aspects of the deal, tax, competition and the debt financing. The Simmons team is led by corporate partners Colin Bole (Picture) and Patrick Graves assisted by managing associates Steph Featherstone and Andrew Scott.

Involved fees earner: Colin Bole – Simmons & Simmons; Steph Featherstone – Simmons & Simmons; Patrick Graves – Simmons & Simmons; Andrew Scott – Simmons & Simmons;

Law Firms: Simmons & Simmons;

Clients: Future Plc.;