Guardian Media Group is selling its 50.1% stake in Auto Trader owner Trader Media Group to private equity firm Apax Partners in a deal thought to be worth £600m to £700m to the Guardian publisher.
The sale to Apax, which bought 49.9% of Trader Media Group in 2007 and has been GMG’s joint venture partner in the business since then, is thought to give TMG an enterprise value of about £1.8bn. The exact financial details of the deal were not revealed.
They made £300 million when they sold the other half. And between the two sales getting on for a billion £ in pure profit. Upon which they will pay exactly £0, bupkiss, in tax.
Now we could argue that it’s just SSE and that’s just fine because that’s the law of the land. Except they didn’t let that stop them shouting about Barclay’s, did it?
Oh, and why did the Scott Trust change into the Scott Trust Limited just before the first sale? Could it be because a trust cannot take advantage of SSE?
By Ritchie’s method of measurement this is clearly and obviously tax avoidance. Be interesting to see what is said really, won’t it?