Olswang’s corporate practice has advised the Iliffe family and related trust on the sale of their combined 21% interest in UK regional news publisher Local World Holdings to Trinity Mirror plc.

The £220 million deal announced this week sees Trinity Mirror acquire the remaining 80.02% of shares of Local World and take full ownership of the company. Trinity Mirror anticipates that the deal will make it the UK’s largest regional news publisher, housing famous brands including the Leicester Mercury and Hull Daily Mail. Heads of terms have also been signed for the transfer back to the Iliffes of certain titles including the Cambridge News.

Local World was established at the end of 2012 through the acquisition of the regional publishing assets of Northcliffe Media Limited and Yattendon Group’s Iliffe News & Media Limited, the latter then being advised by Olswang.

Olswang Partner and Head of the Corporate practice Mark Bertram commented: "It was a pleasure to again advise the Iliffe family in relation to their interest in Local World. The business has made significant progress in the UK’s regional digital and print publishing sector in just three years. Trinity Mirror is well positioned to take Local World’s brands even further, and we look forward to seeing the synergies they will create and how they will further those long-standing titles that originated with Iliffe News."

Mark Bertram led the Olswang team, which comprised Corporate Senior Associate Ken Wilkinson and Trainee Matt Hanson as well as Tax Partner Mark Joscelyne and Tax Barrister Robert Sartor.