Noerr has advised US private equity fund Lexington Partners on the acquisition of a large part of the media-for-equity portfolio of SevenVentures, the investment arm of ProSiebenSat.1 Media SE. London partner and office head Dr Thomas Schulz led the transaction.
Up to 16 minority interests held by SevenVentures and other companies in the ProSiebenSat.1 Group will be transferred to the newly founded fund Crosslantic Capital in the course of the transaction.
Lexington will acquire a majority share in the fund, and SevenVentures will continue to be involved as a media partner holding a minority interest of 24.5 per cent. The proceeds from the sale will be in the mid tens of millions.
Lexington Partners, the company acquiring the SevenVentures companies, is a leading global alternative investment manager which has acquired investments worth more than USD40 billion up to now. SevenVentures operates a flexible investment model consisting of minority interests and media joint ventures.
