Press Release
| July 26, 2011
Dewey & LeBoeuf Represents Insight Venture Partners on Moonpig Acquisition
(New York/London - July 26, 2011) - Dewey & LeBoeuf has advised private equity client Insight Venture Partners in its equity financing of Photoways Holdco Ltd, a vehicle owned by digital photo business PhotoBox, in connection with the acquisition by Photobox of Moonpig for £120 million (US$195 million). The cash component of the purchase price for the Moonpig acquisition consisted of equity financing from Insight, Greenspring Associates and Quilvest, as well as from certain existing shareholders of Photobox, and debt financing from UK lenders.
In addition to representing Insight in the equity financing, the Dewey & LeBoeuf team provided assistance to Photoways on the debt financing aspect of the transaction, as well as the documentation relating to the Moonpig acquisition. The team overcame complex UK and US tax issues which stemmed from the transference of Photoways registration from a US to a UK corporation.
The Dewey & LeBoeuf team was led by Partner Ilan Nissan, who worked with Associates Paul Cicero and Christopher Dwyer in New York. The debt financing advice was provided by Counsel Jonathan De Santis in New York, and the UK aspects of the transaction were handled by Partner Russell Van Praagh and Associate Michael Jarrett in London.
PhotoBox is the leading digital photo processing and storage service in Europe, with operations in the UK and France. Moonpig is a UK-based online service for personalised greetings cards.
For more information, please contact your Dewey & LeBoeuf relationship partner, or one of the following:
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
For further information on Dewey & LeBoeuf, please visit www.dl.com. +1 888 532 6383