Davis Polk Advises Bertelsmann on Its Acquisition of the Full Ownership of Penguin Random House
12/18/2019

Davis Polk is advising Bertelsmann SE & Co. KGaA on its $675 million acquisition of the stake it did not hold in Penguin Random House. Bertelsmann acquired the remaining 25% stake held by its British co-shareholder Pearson, increasing its own stake to 100%. Germany’s Verlagsgruppe Random House, which is wholly owned by Bertelsmann, will become part of Penguin Random House. The transaction, which is expected to close in the second quarter of 2020, is subject to the necessary official approvals.

Bertelsmann is a media, services and education company that operates in about 50 countries around the world. Penguin Random House, the world’s largest trade book publisher, is dedicated to its mission of nourishing a universal passion for reading by connecting authors and their writing with readers everywhere.

The Davis Polk corporate team includes partner Michael Davis, counsel Ajay B. Lele and associate Shanu Bajaj. Partner Frank J. Azzopardi is providing intellectual property and technology advice. Partner Kyoko Takahashi Lin is providing executive compensation advice. Partner Michael Mollerus and counsel Ethan R. Goldman are providing tax advice. All members of the Davis Polk team are based in the New York office.