UK - Apax buys 19.4% stake in Emap in attempt to secure B2B deal

Apax Partners, together with co-investor Guardian Media Group, has acquired a 19.4% stake in London-listed publisher Emap. The stake-building by the Apax-led consortium follows the recommendation of its £1.26bn offer to acquire Emap's B2B division. Apax believes its ownership of 19.4% of the shares will help to see off any rival bid. Emap has agreed a £10m break-fee with Apax and GMG should it pull the deal. The sale of Emap's B2B arm follows the agreed divestment of its consumer magazine and radio businesses to H Bauer in early December. Originally, Emap stated it would remain as a B2B publisher but now the group intends to break itself up entirely. Should the deal complete, Apax will merge Emap's B2B divisions with portfolio company Incisive Media, the publisher of unquote". This would create a £2bn+ B2B company. Since delisting Incisive in late 2006, Apax has backed several bolt-ons including the $630m acquisition of US-based ALM in July 2007.