RPC advises Daily Mail and General Trust on £29m sale of Wowcher
Leading City-headquartered law firm RPC has advised the Daily Mail and General Trust (DMGT) on the sale of Wowcher to a newly formed online voucher business, to be controlled by private equity group, Exponent. Exponent was advised by Allen & Overy.
The sale of Wowcher – which achieved its first full year of operating profits this year and generated £30m in revenue – will see it join the UK and Ireland arm of LivingSocial, another online voucher business.
As part of the deal, DMGT retains a 30% holding in the newly formed online voucher business. DMGT’s net proceeds from the disposal of Wowcher and the investment in the new company are £29m.
The RPC team was led by Partner Neil Brown and Associate Peter Sugden. Senior Associate Ben Roberts advised on tax aspects. The deal was supported by client relationship Partner Tim Anderson.
Partner David Marshall advised Wowcher's management on the deal.
Commenting on the deal, Tim said: “We were delighted to have been involved in this high value and complex transaction for DMGT – a long standing client. It is yet another example of RPC’s expertise in large scale corporate deals for some of the UK’s largest companies.”