MUNICH (October 24, 2016) – Global law firm Reed Smith has advised Target Partners on all aspects of the sale of its shares in 1-2-3.tv GmbH, the operator of the first German auction channel, to ARCUS Capital AG (ARCUS) and BE Beteiligungen Fonds GmbH & Co. KG. The terms of the acquisition were not disclosed. The transaction is subject to regulatory approval and is expected to close before the year end.
ARCUS and BE Beteiligungen Fonds GmbH & Co.KG jointly took ownership of 1-2-3.tv GmbH from the previous financial investors: Target Partners, Wellington Partners and Cipio Partners. The shareholders of the new operating company will include the existing shareholders of 1-2-3.tv: the co-founder, Henning Schnepper and the channel’s CEO, Iris Ostermaier.
Founded in 2004 as the first German auction channel, 1-2-3.tv exceeded already in 2009 profitability and achieved annual revenue of around €108 million for the financial year 2015.
For more information please see the company press release: http://www.targetpartners.de/en/n/arcus-capital-uebernimmt-deutschlands-fuehrenden-auktionssender-1-2-3tv/.
The Reed Smith team was led by Munich partner Dr Justus Binder and included associate Frank Mizera (both Private Equity/Venture Capital).
About Reed Smith
Reed Smith is a global relationship law firm with more than 1,700 lawyers in 26 offices throughout the United States, Europe, Asia and the Middle East. Founded in 1877, the firm represents leading international businesses, from Fortune 100 corporations to mid-market and emerging enterprises. Its lawyers provide litigation and other dispute resolution services in multi-jurisdictional and other high-stakes matters; deliver regulatory counsel; and execute the full range of strategic domestic and cross-border transactions. Reed Smith is a preeminent advisor to industries including financial services, life sciences, health care, advertising, entertainment and media, shipping and transport, energy and natural resources, real estate, manufacturing and technology, and education. For more information, visit reedsmith.com.
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