Arnold Bloch Leibler (ABL) has acted for the owners of an online parenting and pregnancy guide, Kidspot, in its sale to Australian media giant News Limited.
News acquired 100 per cent of Kidspot, which operates websites including Kidspot.com.au and Birth.com.au, as well as the SheSpot advertising portfolio.
The websites attract around 1.3 million visitors a month and currently account for around 10 per cent of the total online consumer goods advertising market. Kidspot boasts 31,000 fans on Facebook, representing one of the largest, most active fan bases of any Australian media group.
The deal was led by ABL partner Jonathan Wenig, and lawyers Jeremy Lanzer and Tegan Rudolph.
News would not disclose how much it paid for Kidspot, but sources familiar with the sales process, handled by advisory group Lexicon Partners, said the price would be close to $50 million, reported The Australian. It is understood other parties, including Fairfax, considered Kidspot during the sale process.
"There was a sale process that led up to the transaction that was quite involved but ultimately both parties saw a lot of value in the deal and the negotiation was hard but quick," said Wenig.
Founder and chief executive of Kidspot, Katie May, said the deal will prove extremely attractive to advertisers as Kidspot will be "backed by News' massive scale and infrastructure".
"Our [users] will still access Kidspot at the same URL but can expect even more touch points, more reasons to engage and more connections," said May.
ABL has acted for Kidspot since its inception but this deal was the firm's "last step in what is a much longer journey", said Wenig.