Apollo joins bidders in race for ReedUS private equity group Apollo Management Apollo Management L.P. is a private equity L.P. firm, founded in 1990 by Leon Black (Apollo Advisors). Based in New York, it also has offices in Los Angeles and London. It has invested over $16 billion in companies inside and outside the of the United States. has entered the bidding war for Reed Business Information Reed Business Information is a large business publisher in the United States, United Kingdom, continental Europe, Australia and Asia. It is a division of Reed Elsevier. In 2005, Reed Business Information started the Quill Awards, a literary award broadcast on NBC. , which is being sold by parent group Reed Elsevier for £1bn. The sale includes publications such as Variety, Farmers Weekly and New Scientist Other private equity groups circling include Cinven, Candover, Bain Capital Bain Capital LLC is a Boston, Massachusetts-based private equity firm founded in 1984 by Mitt Romney, the former Governor of Massachusetts, and two other partners from the consulting firm Bain & Company: T. Coleman Andrews III and Eric Kriss. , Texas Pacific and Permira. Interest has also been shown by Gruner & Jahr, the publishing subsidiary of Germany's Bertelsmann. Bidders are expected to submit final offers at the end of September. Reed, led by Crispin Davis, wants to pull out of advertising-dependent media and is offering to lend around £160m to the successful bidder. A further £560m will be offered as a loan by a consortium of banks. The decision to offer a loan to bidders underlines the company's determination to sell, despite funding constraints imposed by the credit crunch Credit Crunch An economic condition whereby investment capital is difficult to obtain. Banks and investors become weary of lending funds to corporations thereby driving up the price of debt products for borrowers. . Davis said recently that the business trade publication unit is growing too slowly and is too reliant on advertising revenue. Reed Elsevier has undergone significant restructuring in the last few years, with Davis also selling education, leaving the group to concentrate on science, medical and legal publishing The production of texts that report laws or discuss the Practice of Law. Originally limited to printed materials, legal publishing now encompasses electronic media as well, with most legal publications becoming available online or in CD-ROM format. . The company sells a significant proportion of its published works on the internet. 
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion