find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Bakers, G+T in latest PBL Media buy

Bakers, G+T in latest PBL Media buy

BAKER & MCKENZIE and Gilbert + Tobin advised on the $250 million sale of SP Telemedia’s media assets, including NBN Television, to PBL Media earlier this month.Baker & McKenzie partners…

BAKER & MCKENZIE and Gilbert + Tobin advised on the $250 million sale of SP Telemedia’s media assets, including NBN Television, to PBL Media earlier this month.

Baker & McKenzie partners Steven Glanz and Hal Lloyd acted for SP Telemedia (SPT) — which trades under the name Soul — as well as senior associate Julie Hutton and associate Kimberley Christiansen.

Along with NBN Television, SPT sold their outside broadcasting and production operations in Newcastle. The company retains its telecommunications and part of the TV transmission business.

WIN Television’s initial bid was countered by PBL Media. Lloyd said this led to SPT instigating an “auction” and opening up to other bidders, but only WIN and PBL showed interest.

He said the deal had to be completed in less than 10 days, with final bids due on 30 April. Agreements were signed with PBL on 1 May.

“The vendor was in a strong commercial position, with two bidders that both wanted to buy the business. This enabled SP Telemedia to achieve a great commercial outcome in a short period of time,” said Lloyd.

Bakers’ work for the deal included advising on the structure of the arrangement and public company disclosure requirements following the bid from WIN.

They also prepared the share sale agreement with PBL Media and its lawyers, as well as the documents required to seal the shared services agreement, which allow the two businesses to operate on the same site and use each other’s facilities.

“The businesses are quite operationally integrated. They share premises in Newcastle. Some of the SP Telemedia employees do work for NBN and some NBN employees do work for SP Telemedia and so there had to be some shared services agreements. The businesses are now separately owned, even though they sit next to each other,” said Lloyd.

SPT is now concentrating on its telecommunications businesses, including mobile and fixed telephony and broadband services, a network they acquired from Comindico.

SPT said they had yet to decide on the specific allocation of the proceeds of the sale, but part would be used to retire debt and the company would assess further opportunities to make investments and acquisitions in the telecommunications and multimedia sectors.

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

Bakers, G+T in latest PBL Media buy
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
Lawyers warn against mandatory sentencing measures amid political jeers
Mandatory sentencing has become a topic for politicians on both sides of Federal Parliament to jostl...
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'...
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...
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 & ...