Minter Ellison advises Permira on the sale of Renaissance Learning to Hellman & Friedman
Funds managed by European private equity firm Permira have announced a definitive agreement to sell Renaissance Learning to private equity firm Hellman & Friedman for $1.1bn (£660m). Minter Ellison partner David Pratley and special counsel Michael Ward advised Permira on all Australian tax aspects of the deal.
The form of the transaction under US corporate law has no Australian equivalent and so bespoke analysis was required to advise on the application of Australian tax rules that were not drafted contemplating such transactions.
Skadden, Arps, Slate, Meagher & Flom acted as Permira’s US legal adviser.
Minter Ellison previously advised on Renaissance Learning’s acquisition of Subtext Media in 2013 and on incentive arrangements for Renaissance Learning’s Australian management.
Permira advises funds with a total committed capital of close to $30bn. Its funds have a track record of successfully investing in technology and digital media companies around the world, including Ancestry.com, Odigeo, NDS, Genesys and LegalZoom.
Renaissance Learning specialises in cloud-based assessment, teaching and learning solutions with customers in more than a third of US schools and more than 60 countries worldwide. Its other investors include Google Capital. Hellman & Friedman is a private equity investment firm with offices in San Francisco, New York and London.
News from Minter Ellison
Briefings from Minter Ellison
After launching the Shanghai pilot free-trade zone nine months ago, the Shanghai government has released the 2014 Negative List.
The Federal Circuit Court of Australia imposed fines on a company totalling AUD313,500 for sham contracting and related contraventions of the Fair Work Act 2009.