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Australian digital advertising business sold

Australian digital advertising business sold

Paul Schmidt Uili

Several firms have advised on the sale of an Australian digital advertising company.

Firms: DibbsBarker (shareholders of Multimedia International Services Holdings Ltd (UK)); Reddie Lawyers (Medical Channel); PwC (Medical Channel’s investors, Smorgons and the Wingate Group); K&L Gates (Medical Channel’s investors, Smorgons and the Wingate Group)

Deal: The shareholders of Multimedia International Services Holdings Ltd (UK) have been advised on the sale of their interests in The Community Network to Medical Channel.

Value: Confidential

Area: M&A, corporate, commercial

Key players: The DibbsBarker legal team was led by corporate and commercial partner Paul Schmidt-Uili, with assistance from senior associates Kamini Newton and Simone Collignon, associate Cil van der Merwe and lawyer Sam Hardman.

Deal significance: The Community Network is an Australian digital advertising company that sells advertising space to small businesses. The advertisements are presented on LCD screens at various sites, including hospitals, medical centres, fitness centres and shopping centres.

The transaction between Multimedia International Services Holdings Ltd (UK) and Medical Channel required a significant cross-border tax restructure to enable the sale of the Australian arm of The Community Network to Medical Channel.

This involved the preparation and execution of a suite of comprehensive transaction documents to implement a series of restructure steps between the UK and Australia.

“It was pleasing for us to support our clients with such a significant sale for them,” said DibbsBarker lead partner Paul Schmidt-Uili.

“The deal involved navigating a number of cross-border complexities and it was great to achieve an excellent result for our clients.”

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