LONDON - Funds advised by the European private equity firm Apax Partners agreed on Tuesday to buy out its joint venture partner and acquired the stake it didn’t own in Trader Media Group, which operates the automobile website AutoTrader in Britain and other online brands.
The Apax funds will acquire a 50.1 percent equity stake in Trader Media from Guardian Media Group, the publisher of the Guardian and Observer newspapers in London.
“This proposed transaction makes strategic sense as we focus GMG’s activities on award-winning digital and print journalism,†said Andrew Miller, Guardian Media’s chief executive officer. “On completion, the sale-proceeds will strengthen our balance sheet and position us for further investment and growth in our core business.â€
Terms of the transaction weren’t disclosed. The deal is subject to regulatory approval.
Trader Media’s brands in Britain include AutoTrader, which advertises new and used cars for sale; Razsor, an automobile website targeting dealers; and 2nd Byte, a used car website.
“We are proud to have played a part in this story - very few consumer publishing companies in the world have achieved this transition - and look forward to continuing to support TMG and its management team , in the years to come,†said Tom Hall, a partner at Apax.
The Apax funds originally acquired a 49.9 percent stake in Trader Media in 2007. Funds advised by Apax have about $40 billion in assets under management.
Apax was advised by JPMorgan Chase and the law firms Simpson Thacher & Bartlett and Allen & Overy. Guardian Media was advised by Bank of America Merrill Lynch and the law firm Freshfields Bruckhaus Deringer.
