Barclays advises £121m BBC deal
Barclays Corporate in the Midlands has provided debt facilities to support Exponent Private Equity's £121m acquisition of BBC Magazines.
London-based Exponent has acquired the BBC's magazine division which publishes a portfolio of about 50 UK magazine titles.
The £121m pricetag also includes the separate sale by BBC Worldwide of its 50 per cent shareholding in Indian joint venture, Worldwide Media, to Bennett, Coleman and Co.
Titles in the company's magazine portfolio include Radio Times, which claims to be the UK’s largest magazine by retail sales value, Olive and Garden’s Illustrated.
In addition, the business publishes magazines under licence and contract publishing agreements for BBC programmes including Top Gear and Gardener’s World.
Mike Giddings, director in Barclays Corporate’s debt finance team in the Midlands, who led the deal, said: "We are delighted to have provided senior debt facilities to support Exponent’s acquisition of BBC Magazines.
"The business has an unrivalled portfolio of titles, a first class management team and a very strong financial track record. We have an excellent relationship with Exponent and look forward to working with them and the BBC Magazines management team as they continue to develop the business."
The deal is set to complete once competition clearance is received.
