Blackstone Capital Partners, one of the world’s leading private equity investors, has made an investment of US$53.5 million in Jagran Media Network, a listed company engaged in print media, advertising and promotional business activities.
Khaitan & Co, led by partner Rabindra Jhunjhunwala and senior associate Ashwin Mathew, represented their long-standing client Blackstone on the deal. Luthra & Luthra acted for Jagran with partners Vineet Aneja and SR Patnaik providing investment and tax advice respectively. The deal involved complex structuring for entry and exit, intense negotiations and a holding company investment with rights at operating company level. Blackstone’s investment was facilitated through a company owned and controlled by the individual promoters of the newspaper publishing house Jagran Prakashan.
This is Blackstone’s first deal in the media sector and also the first involving an investment in a holding company.
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