News | Corporate Finance

Tuesday 2nd January 2007

SJ Berwin represented 365 Media Group plc ("365 Media") in connection with the recommended cash offer by Sky Holdings Limited ("Sky") (a wholly-owned subsidiary of British Sky Broadcasting Group plc ("BSkyB") for all of the issued and to be issued shares of 365 Media. 

The cash offer was made on 15 December 2006 at an offer price equivalent to 68p per 365 Media share, valuing the entire issued shares of 365 Media at approximately £96 million (and approximately £103 million on a fully diluted basis). 

Sky has received irrevocable undertakings to accept the offer in respect of shares representing 30.7 per cent. of the issued share capital of 365 Media.

365 Media is a leading provider of sports websites and online gaming in the UK.  Since its admission to AIM in August 2001, 365 Media has pursued an active acquisition strategy and now owns and operates sports websites, including Planet-Rugby.com, PlanetF1.com, Football365.com, Golf365.com, Rivals.net, SportingLife.com, TEAMtalk.com and Cricket365.com, an odds comparison website (Oddschecker.com) and four wagering websites: ukbetting.com, totalbet.com, Goldbet.com and ClubonthePark.com.

BSkyB currently owns, operates and distributes 18 television channels including Sky One, Sky Sports, Sky News and Sky Movies.  In addition, BSkyB currently retails 128 third party television channels and holds equity interests in a number of joint venture channels.

The SJ Berwin team was led by corporate finance partner, Jonathan Djanogly, supported by senior corporate assistant Bayo Odubeko.  Financial advice was provided to 365 Media by UBS and Oakley Capital Partners LLP.  BSkyB was advised by Herbert Smith corporate finance partner Stephen Wilkinson.

For further information please contact:

Jonathan Djanogly, Corporate Partner on +44 (0)20 7111 2241 or by emailing jonathan.djanogly@sjberwin.com

Aurelia Spivey, Business Development Manager on +44 (0)20 7111 2060 or by emailing aurelia.spivey@sjberwin.com

Founded in 1982, SJ Berwin is a leading City corporate and commercial law firm with more than 450 lawyers working across its offices in London, Berlin, Brussels, Frankfurt, Madrid, Milan, Munich, Paris and Turin.

With more than 200 corporate finance lawyers, the depth and breadth of expertise of our pan-European Corporate Finance Department is considerable.  We offer the complete range of corporate finance services, which extends to all aspects of domestic and cross-border M&A and buy-outs, private equity, equity capital markets, financial services and tax.

The firm has won a number of recent awards including “Law Firm of the Year" 2006 at the EVCA/Real Deals European Private Equity Awards for the third consecutive year,” European Law Firm of the Year" (fund formation) by subscribers to PrivateEquityOnline and Private Equity International in 2005 and 2006, "Private Equity Law Firm of the Year" 2004 and 2005  at the European Venture Capital journal awards and  "LBO Firm of the Year" 2004 at the Finance and Law Awards in Paris. The Real Estate Team is Legal Business Real Estate Team of the Year 2005. It was also named "Real Estate Team of the Year" in the Lawyer Magazine Awards 2004, following its advice on the RBS/Canary Wharf transaction the highest-value property investment transaction in the UK in 2004.

SJ Berwin LLP was named ‘UK Firm of the Year’ at the 2005 Legal Week Awards on 30th November. The awards recognised SJ Berwin’s five years of international expansion and its involvement in a series of high quality deals.

On 1 June 2005 SJ Berwin became SJ Berwin LLP, a limited liability partnership.  www.sjberwin.com.  SJ Berwin LLP or an affiliated undertaking has an office in Berlin, Frankfurt, London, Madrid, Munich and Paris.