Davis Polk is advising Bertelsmann SE & Co. KGaA in connection with the combination with Pearson plc of their trade-book publishing companies, Random House and Penguin Group, respectively. Bertelsmann will own 53% and Pearson will own 47% of the combined company, which will be named Penguin Random House. The closing of the transaction is scheduled to take place in the second half of 2013, following regulatory approval.
Bertelsmann is an international media company whose core divisions encompass television (RTL Group), book publishing (Random House), magazine publishing (Gruner + Jahr) and outsourcing services (Arvato) in 50 countries. Pearson is an international education and information company with businesses in education, business information and consumer publishing.
The Davis Polk corporate team includes partners Christopher Mayer and Michael Davis, counsel Ajay B. Lele and associates Leo Borchardt, Nina S. Assouline and Zithe E.H. Oberholzer. Partner Harry Ballan and associate Arie Rubenstein are providing tax advice. Partner Kyoko Takahashi Lin is providing employee benefits advice. Partner Frank J. Azzopardi is providing intellectual property advice. All members of the Davis Polk team are based in the New York office.
