1 May 2019
Greenwoods has acted as the tax advisor to Nine Entertainment (Nine) on the agreed sale of the Australian Community Media and Printing business (ACM), comprising more than 160 regional and community mastheads. ACM will be sold to a company controlled by interests associated with Antony Catalano and Thorney Investment Group for approximately $115 million.
This is the first major transaction entered into by Nine since it’s highly publicised $3 billion merger with Fairfax Media in December 2018, in which Greenwoods advised Fairfax Media on income tax and GST implications of the merger.
Richard Hendriks, Director and Head of Corporate & M&A said, “It is a significant sign of trust in Greenwoods and the strength of our work that we have acted for Nine in their first major transaction since their merger with Fairfax Media. The Greenwoods team were able to deliver a successful outcome with the sale of ACM on a tight timeline”. Greenwoods Directors Richard Hendriks, Toby Eggleston, Daniel Sydes and Andrew Howe, along with Associate Sarah Trau, advised on the sale.
The sale is aligned with Nine’s strategy to exit non-core businesses and focus on high-growth, digital assets. The sale is expected to complete by 30 June 2019 and the proceeds will be used to reduce Nine’s group debt.
Partner, Head of Corporate and M&A