Firms advise Guardian Media Group

Freshfields has advised the Guardian Media Group in its £600m sale of a 50.1 per cent stake in Trader Media Group (TMG) to Apax Partners.

Corporate partner Simon Marchant led the deal to sell its remaining stake in the business to joint partner Apax, which bought 49.9 per cent of TMG in 2007. The former Asia chief was joined on the deal by corporate associate Rikin Morjaria.

The sale, which is subject to approval and completion, is expected to value TMG at around £1.8bn including debt. The Guardian Media Group is owned by the charitable Scott Trust, which has authorised the board to reinvest the proceeds in order to continue to safeguard the financial independence of the paper. Simpson Thacher & Bartlett advised Apax partners in the deal, led by former Allen & Overy (A&O) private equity head Derek Baird.