Taylor Wessing advises investment group A&NN on £53 million acquisition of Waterstone’s Group
International law firm Taylor Wessing has advised A&NN Group, an investment subsidiary of the family trust associated with international investor and businessman, Alexander Mamut, on the £53m acquisition of the entire issued share capital of Waterstone’s Group (“Waterstone’s”) from HMV. The deal was agreed on 20 May and will complete following shareholder approval.
Waterstone’s is the leading specialist bookseller in the UK and Ireland, with 4,500 employees working across 296 shops, including London landmark Hatchard’s and Hodges Figgis in Dublin.
A multi-disciplinary Taylor Wessing team, spanning experts from the Financial Institutions & Markets, Property, Pensions and Tax groups, worked to agree the £53m deal, which comprises £40m in cash payable on completion, with the balance payable in cash on 31st October. The negotiations involved balancing numerous financial and legal interests in a tight and challenging timeframe amidst intense and sustained media speculation and scrutiny.
The Taylor Wessing team was led by Head of Financial Institutions & Markets Tim Stocks, working with partner Tandeep Minhas and assisted by senior associate Edward Hooper and associate Leah Carson.
Commenting on the acquisition, Tim Stocks said:
“We are delighted to have acted for A&NN Group in a deal that secures the future of the UK’s last nationwide book chain. This is a hugely significant deal not only for us, but for the British high street.
“The Transaction drew on our diverse expertise in capital markets, pensions and property, combining a range of technical skills with a flexible forward-thinking approach to reach agreement on a transaction so unique in its sector.”
A Simmons & Simmons team led by Giles Dennison acted for HMV Group P.L.C.
Lawyers Tim Stocks, Tandeep Minhas, Edward Hooper, Leah Carson, Michael Helfgott, Mark Smith, Ian Malone, Cyrille West, James Stewart, Robert Young
For more information or to speak to Tim Stocks, please contact Maria Jennings or Mike McManus at Spada:
Tel: +44 (0)20 7269 1430
Email: mariajennings@spada.co.uk
Taylor Wessing LLP is a leading law firm providing support for commercial organisations doing business in Europe, the Middle East and China.
