Ashurst and DLA Piper have won lead roles on Time Out’s £195m IPO on the alternative investment market (AIM).
Partners David Carter and Dominic Ross led Ashurst’s team for Time Out, which is part-owned by firm client Oakley Capital Investments. Private equity partner Carter and corporate partner Ross were supported by tax partner Alex Cox and US securities partner Eric Stuart.
DLA Piper partners Alex Tamlyn and Charles Severs meanwhile acted for the nominated adviser and sole bookrunner Liberum Capital.
The IPO on AIM sees Time Out raise proceeds of £90m, with the multi-media platform being valued at £195m.
Its content reaches 111 million people around the world and the net proceeds from the listing will be used to accelerate the company’s growth plans in sales, marketing and technology investment.
Background to the deal
Oakley Capital Investments acquired 50 per cent of Time Out London in 2010, making a further investment in Time Out New York a year later.
Ashurst partner David Carter has acted for Oakley throughout its acquisitions of Time Out, with the firm also working for the fund on the provision of a senior loan facility to fund the purchase. Carter was shortlisted in The Lawyer Hot 100 in 2012 for his growing relationship with Oakley.