GMG and Apax boosted by deal at Top Right
Thursday 03 May 2012
Guardian Media Group and Apax Partners have received a boost from their troubled investment in the media giant formerly known as Emap as they offloaded its car data business CAP for an estimated £175m yesterday.
Montagu Private Equity is buying CAP from Top Right Group, the new corporate name for Emap.
However, GMG and Apax are unlikely to receive a cash windfall, as Top Right indicated that the proceeds from the sale would be reinvested in the company, rather than handed back to the co-owners.
GMG and Apax bought Emap in 2008 for £1.1bn just before the credit crunch struck and later had to take a major writedown on the value of the business. They also had to inject more cash to avoid a potential breach of the company's loan covenants.
Top Right's chief executive, Duncan Painter, split Emap into three separate businesses earlier this year in what was widely regarded as a precursor to a break-up of the company.
Painter said that some of the money from the CAP sale could be used "to fund strategic acquisitions".
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