Private equity firm Insight Venture Partners has provided equity financing for digital photo business Photobox’s GBP120m (USD195m) acquisition of Moonpig.
of Photoways Holdco Ltd, a vehicle owned by digital photo business PhotoBox, in connection with the acquisition by Photobox of Moonpig for £120 million (US$195 million).
The cash component of the purchase price for the Moonpig acquisition consisted of equity financing from Insight, Greenspring Associates and Quilvest, as well as from certain existing shareholders of Photobox, and debt financing from UK lenders.
Dewey & LeBoeuf represented Insight in the equity financing and also provided assistance to PhotoBox’s Photoways Holdco on the debt financing aspect of the transaction, as well as the documentation relating to the Moonpig acquisition. The team overcame complex UK and US tax issues which stemmed from the transference of Photoways registration from a US to a UK corporation.
The Dewey & LeBoeuf team was led by Partner Ilan Nissan (pictured), who worked with Associates Paul Cicero and Christopher Dwyer in New York. The debt financing advice was provided by Counsel Jonathan De Santis in New York, and the UK aspects of the transaction were handled by Partner Russell Van Praagh and Associate Michael Jarrett in London.
PhotoBox is the leading digital photo processing and storage service in Europe, with operations in the UK and France. Moonpig is a UK-based online service for personalised greetings cards.
