NEW YORK and LONDON, May 11 /PRNewswire/ -- Funds advised by Apax
Partners today announced the signing of definitive agreements with The
Thomson Corporation (NYSE: TOC; TSX: TOC), a leading global provider of
information services to business and professional customers, under which
such funds, together with funds advised by OMERS Capital Partners, will
acquire the higher education, career learning and library reference assets
of Thomson Learning and Nelson Canada for a combined total value of
approximately $7.75 billion in cash. The transactions are expected to close
in the third quarter of this year and are subject to regulatory approvals
and other customary closing conditions.
The higher education, career learning and library reference assets
include such well-known brands and businesses as: Wadsworth, Delmar
Learning, Gale, Heinle, Brooks/Cole and South-Western. Nelson Canada, a
leading provider of books and online resources for the educational market
in Canada, will be majority-owned by OMERS.
Jackie Reses, Partner at Apax Partners, said: "We are extremely excited
to acquire these unique, global media properties, which have achieved
strong positions in their respective markets and have delivered stable and
predictable growth. Furthermore, we believe these franchises are supported
by healthy underlying market dynamics. We look forward to extending the
competitive positions of these businesses during the course of our
Christian Stahl, Partner at Apax Partners, continued: "This investment
deepens Apax's global focus on the media industry, where we have
established a strong track record over the past decade. Additionally, we
are very pleased to be partnered on this important transaction with OMERS,
one of Canada's largest pension plans and a highly respected investment
Evercore Partners Incorporated and Atlas Advisors are financial
advisors to Apax Partners and OMERS Capital Partners on the acquisition.
Acquisition finance was provided by The Royal Bank of Scotland, JPMorgan,
Citigroup, UBS and The Royal Bank of Canada.
Apax is one of the oldest and largest private equity firms in the world
with more than $30 billion under global management. Apax has offices in the
United States, United Kingdom, Germany, France, Sweden, Spain, India,
Italy, Israel, and Hong Kong and over 120 investment professionals
worldwide. Apax invests in five key sector areas: media,
technology/telecom, retail/consumer, healthcare and business/financial
services. Over the past 10 years, Apax has been one of the most active
investors in media and communications with over $4 billion of equity
invested. Recent investments include TDC ($17.6 billion), Intelsat ($5.0
billion), CME ($3.0 billion), Yell Group ($3.0 billion), VNU World
Directories ($2.6 billion) and Hit Entertainment ($1.0 billion).
OMERS is a multi-employer pension plan established in 1962 and is one
of the largest and most sophisticated asset management entities in Canada.
As one of Canada's largest pension plans, OMERS provides pension services
to about 372,000 active and retired members and almost 900 employers. With
over Cdn $48 billion in assets and a global mandate, OMERS invests actively
and directly in a wide range of securities including public equity, real
estate, infrastructure and private equity. OMERS has a 10% allocation to
the private equity asset class and currently has investments in excess of
Cdn $2.5 billion. As manager of the private equity portfolio, OMERS Capital
Partners Inc. continues to seek attractive investments on a global basis
which will help meet the pension obligations of its members.
The Thomson Corporation
The Thomson Corporation (http://www.thomson.com) is a global leader in
providing essential electronic workflow solutions to business and
professional customers. With operational headquarters in Stamford, Conn.,
Thomson provides value-added information, software tools and applications
to professionals in the fields of law, tax, accounting, financial services,
scientific research and healthcare. The Corporation's common shares are
listed on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
For further information, please contact:
Kekst and Company
+44 (0)20 7872 6401
SOURCE Apax Partners