10:14, July 11 78 0

2017-07-11 10:14:13
Morgan Lewis advises on $1bn sale of stake in Penguin Random House

Morgan Lewis & Bockius has advised Pearson in the sale of a 22 per cent stake of Penguin Random House to Betelsmann.

The deal, which generated net proceedings worth $1bn (£774.6m) for the company, values Penguin Random House at $3.55bn (£2.75bn).

This is part of Pearson’s plan to offload a 47 per cent stake in the business.

Morgan Lewis advised Pearson on the deal, with New York partner Charles Engros and Philadelphia partners Benjamin Wills and Richard Zarin. Pearson deputy general counsel Graeme Baldwin and senior counsel Nancy Roberts led on the deal in house.

Morgan Lewis was one of the firms appointed to Pearsons’ US corporate panel, which was completed last year, alongside Cleary Gottlieb Steen & Hamilton, Goodwin Procter, Dorsey & Whitney and Sullivan & Cromwell.

Davis Polk & Wardwell is understood to have advised Betelsmann during the deal.