Slaughter and May on combination of Random House and Penguin
30 Oct, 2012
Slaughter and May, working as an integrated team with Davis Polk & Wardwell and Cooley alongside Bertelsmann’s legal team, is advising Bertelsmann, the German media group, on the combination with Pearson of their respective trade-book publishing companies Random House and Penguin Group into a newly-created joint venture named Penguin Random House.
Bertelsmann will own 53% of the joint venture and Pearson will own 47%. The new publishing group will include all the publishing divisions and imprints of Random House and Penguin in the United States, Canada, the United Kingdom, Australia, New Zealand, India, South Africa, as well as Penguin’s publishing company in China, and Random House’s Spanish-language publishing operations in Spain and Latin America. Bertelsmann’s trade publishing business in Germany will not be part of the joint venture and Pearson will retain rights to use the Penguin brand in education markets worldwide.
The closing of the transaction is scheduled to take place in the second half of 2013 following regulatory approval.