Sun-Times Media Holdings acquires assets of Sun-Times Media Group

Sun-Times Media Holdings, LLC (STMH) has acquired substantially all of the assets of Sun-Times Media Group, Inc. (STM) for a total transaction value of approximately $26.5 million.

STM is a US-based company engaged in publishing, printing and distributing newspapers.

Update on October 8, 2009:

United States Bankruptcy Court for the District of Delaware has approved the sale of substantially all of the assets of STM to STMH, a group led by Chicago businessman James C. Tyree.

The total transaction is valued at approximately $25 million and is expected to close by the end of October 2009.

Announcement (September 8, 2009):

STM has entered into an asset purchase agreement with STMH to sell substantially all assets of STM.

Under the terms of the agreement, STMH will acquire all assets of STM for $5 million in cash, subject to a working capital adjustment, and will assume certain liabilities of STM estimated to total approximately $20 million.

Kirkland & Ellis LLP is acting as legal advisor and N M Rothschild & Sons Limited is acting as financial advisor, while Huron Consulting Group, Inc. is acting as restructuring advisor to STM.

Deal Value (US$ Million) 26.5
Deal Type                Acquisition
Sub-Category             Asset Purchase
Deal Status              Completed: 2009-10-26

Deal Participants

Target (Company)   Sun-Times Media Group, Inc. - Assets
Acquirer (Company) Sun-Times Media Holdings, LLC
Vendor (Company)   Sun-Times Media Group, Inc.

Deal Rationale

Related terms: acquisition, advisor, bankruptcy, consulting, delaware, legal, media, publishing, restructuring, united states