Tuesday 25 July 2017

Sale of Racing Post newspaper to equity company cleared

Donal O'Donovan

Donal O'Donovan

A sale of the Racing Post newspaper to London based Exponent Private Equity has been cleared by Competition authorities in Ireland.

Irish backers of current Racing Post owner Stradbrook Acquisitions are thought to include Alan Byrne, chief executive of the Racing Post.

Stradbrook Acquisitions took control of the business when it bought back the title’s debt from the special liquidators of IBRC.

It was one of the relatively small number of cases where company debt was auctioned off in isolation rather than as part of a large portfolio – meaning the business’ own backers were in a position to bid.

The debt was then swapped for shares in the company.

A sale to Exponent’s Fence Bidco Limited has now been cleared by the Competition and Consumer Protection Commission.

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