The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Christmas story

Deal: Buy-out of IPC

Amount: £860 million

Announced: January 5

Lead equity sponsor: Cinven

In late December 1997, Cinven, one of the largest independent private equity investors in Europe, ran a spoof advert in the financial papers boasting that no firm had closed more deals on Christmas day than it had. It was meant as a joke. No-one has ever closed a major acquisition on Christmas day. But the joke almost backfired as Cinven came close to that unenviable distinction with its £860 million ($1.4 billion) buy-out of UK consumer magazine business IPC from Reed Elsevier.

Cinven was given the go-ahead to tie up the deal after it submitted the most attractive of 10 bids from various media groups and financial investors on December 19 last year. Following some frantic work over the Christmas holiday, it closed the deal on January 5, leaving some competing bidders dumbfounded that an auction they had thought was just entering its second round was in fact over.

Cinven, like a lot of other interested potential buyers, had been tracking IPC for a couple of years, as Reed Elsevier began concentrating purely on business and technical publishing and disposed of its consumer businesses.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree