London – October 28, 2015 – Cooley has advised Local World and its shareholders on the sale of its remaining shares to Trinity Mirror, which will create the UK's largest regional news publisher. Trinity Mirror, owner of the Daily Mirror and Sunday Mirror, has owned 20% of Local World since its inception in January 2013 and will now purchase the remaining shares valuing Local World at £220 million on a debt-free cash-free basis.
Local World operates 83 regional print publications including 16 daily paid-for titles (including titles such as the Bristol Post, Derby Telegraph, Hull Daily Mail, Leicester Mercury and Stoke Sentinel). Its digital sites reach 24 million unique monthly browsers and in 2014 had revenue of £221 million and adjusted operating profit of £36 million.
The acquisition will create the UK's largest regional news publisher, with a total of 167 regional print publications, providing daily local news reach into 14 of the top 20 cities in the UK. Together with Trinity Mirror's existing national titles, this will create a digital network with reach of more than 120 million monthly unique users.
The deal was led by Ed Lukins, a corporate partner at Cooley. He commented: "Local World has grown in strength over the last three years and its shareholders and the shareholders of Trinity Mirror have achieved an important deal for the future of the industry that will greatly benefit local publishing at a time when the sector is going through great change as it becomes more focused on digital readership."
Ed Lukins was assisted by corporate associates Aaron Archer and Tom Goodman, as well as UK tax director Michael McCormack and employment partner Ann Bevitt.
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