Bain Capital may acquire Reed Elsevier arm for $1 billion

08 Dec 2008

1

US buy-out firm Bain Capital is likely to acquire Reed Business International, a unit of Reed Elsevier, publisher of the New Scientist, Variety and Estates Gazette, for around $1 billion (£680m).

Bain got into the lead after rival equity group Texas Pacific Group pulled out of the bidding.

But a sale is still in doubt with reports claiming that the Reed Elsevier management is not happy with some of the conditions attached to the Bain bid, including a complex earn-out structure for its key executives.

Reed Elsevier was hoping to raise around $1.8 billion from the sale when it announced in February that it was putting its trade magazines unit up for sale.

Reed Elsevier said it was in discussions with a consortium of financing banks.

Several other private equity firms such as Candover, Cinven, Advent International, Quadrangle and Providence Equity Partners had shown interest in the Reed Elsevier unit.

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