find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Allens, Bakers, Freehills and Mallesons lead $4.1bn media deal

Allens, Bakers, Freehills and Mallesons lead $4.1bn media deal

Allens Arthur Robinson, Baker & Mckenzie, Freehills and Mallesons Stephen Jaques have taken the lead roles in the $4.1 billion deal that will create Australia's largest media company.  

Allens Arthur Robinson, Baker & Mckenzie, Freehills and Mallesons Stephen Jaques have taken the lead roles in the $4.1 billion deal that will create Australia’s largest media company.

Perth-based Western Australian Newspaper Holdings Ltd. (WAN) announced plans to acquire Seven Media Group from Seven Group Holdings and private equity firm Kohlberg Kravis Roberts & Co. (KKR) for $2 billion in cash and $2.1 billion in assumed debt.

Seven Media Group operates one of Australia’s three national television networks, as well as 25 magazines. The deal will create a company called Seven West Media, and is subject to approval by the Australian Competition and Consumer Commission.

Allens Arthur partners Guy Alexander, co-head of the firm’s M&A practice, and Tom Story are leading the team representing Western Australian. Both are in Allens’ Sydney office. Alexander previously advised on the reorganization of News Corp. prior to its move to the U.S.

Seven Media was represented by Freehills Sydney partners Fiona Gardiner-Hill, Rebecca Maslen-Stannage, and Damien Hazard. Maslen-Stannage advised Seven on a $3 billion merger with equipment distributor WesTrac last year, which is also owned by Stokes.

Baker & McKenzie advised KKR, which holds a 50 per cent stake in Seven Media. The team was led by corporate practice head Mark McNamara with the assistance of partners Julie Hutton, David Holland, and Tim Sherman, all in the firm’s Sydney office. Baker & McKenzie represented KKR in the initial acquisition of its Seven Media stake for $960 million in 2006.

“We advised KKR on the initial acquisition of the stake in [Seven Media Group] and have acted for them for a number of years,” said McNamara.

Mallesons partners Evie Bruce, Nigel Hunt, and Daniel Kirk acted for underwriters JPMorgan Chase & Co. and UBS A.G. Bruce is based in Sydney while Hunt and Kirk work in the firm’s Perth office. They were assited by senior associates Jonathan Grant and Alexei Fedotov, with solicitor Laura Steinke.

“The structure of the capital raising was very complicated,” said Bruce. “[It involved] three separate offers: an accelerated entitlement offer of convertible loan securities, a public offer of [WAN] ordinary shares and a sell-down of [Seven Group Holding’s] existing 24.3 per cent interest in WAN. A number of interesting legal and regulatory issues arose from the interdependence between the components of the capital raising.”

According to some commentators, the proposed deal is an attempt by billionaire Kerry Stokes, who owns controlling shares in both Western Australian and Seven Media, to build an empire comparable to those of mogul peers Rupert Murdoch and the late Kerry Packer.

Murdoch’s News Corp. had been by far the country’s largest media company before its corporate relocation to the United States in 2004.


Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Allens, Bakers, Freehills and Mallesons lead $4.1bn media deal
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Dec 13 2017
Young humanitarian lawyer California-bound
A young Australian lawyer will be travelling to the US next year for a prestigious nine-month study ...
Jackie Rhodes
Dec 12 2017
Report sheds light on LGBTQI inclusion in law firms
A recent report has revealed the varying perceptions on LGBTQI diversity and inclusion in the Austra...
Women in business
Dec 12 2017
Annabel Crabb headlines Women in Business Forum
Political journalist Annabel Crabb has appeared at the Coleman Greig Lawyers Women in Business Forum...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...