De Persgroep Netherlands acquires 80% of PE-backed VNU Media

The deal represents a partial exit for 3i and HIG. The transaction is still subject to approval by the Dutch competition authorities (NMa).

De Persgroep is aiming to combine all recruitment communication initiatives in a binational company called VNU Vacature Media, serving Belgium and the Netherlands.

3i acquired VNU Media from Valcon Acquisition for €320m in 2007. In 2009, it wrote down its investment in the company to zero. Later that year, VNU Media was recapitalised with a €17.2m equity injection provided by 3i and HIG Capital. Both GPs subsequently held a 45% stake in the company. The deal also reduced VNU's debt from €160m to €60m. The creditors of the business were ABN Amro, Bank of Ireland, Société Générale and BNP Paribas.

Company
VNU Media is a Dutch online media business that includes Nationale Vacaturebank, Intermediair and Twearkers.net. The company focuses on online media and features job listings regardless of position and sector. It attracts approximately two million unique visitors per month.

People
Robert van Goethem led the partial exit and the initial deal for 3i. Matthias Allgaier represented HIG Capital in both transactions.

Advisers
Equity – Linklaters, Jan Willem de Boer, Onno Bakker, Paul Kreijger, Sarah Marsden, Maikel van Wissen (Legal); PricewaterhouseCoopers (Financial due diligence).
Vendor – Allen & Overy, Karine Kodde (Legal); Kirkland & Ellis (Legal).

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