The Client
The client, a leading UK telecoms provider, had accumulated a portfolio of
businesses through acquisitions and mergers over many years.
With a new business strategy to focus on its fixed line services,
the client had agreed in principle the sale of its broadcast business
to an investment bank for a consideration of £1¼ billion.
The Problem
The separation of the assets and finances of the broadcast and core business
had to be completed before the sale was concluded.
As the separation fell behind schedule, additional experienced management
was needed to deliver this critical element of the transition.
The Work
Appointed by directors handling the sale to restructure and deliver
the financial separation. The work involved:
- Instigating a realistic work plan with fall back strategies to
counter the risk of missing critical milestones.
- Selling the work plan to the broadcast finance director,
the sale directors and the buyer.
- Intense management of in-house, third party and off-shore resources
to deliver the separation.
- Gaining consensus from the broadcast and core businesses for the asset
allocation, turnover, costs, debtors, creditors, tax liabilities, WIP and adjustments.
- Managing stakeholder confidence during the approach to critical milestones.
- Providing post separation advice and guidance to the sale team.
The Benefits
Financial separation concluded in time to allow the deal to complete.
The client was able to realise the funds from the sale and pursue new
opportunities in line with its fixed line strategy.
The broadcast business finance director was appointed to the board
of the new vehicle created to manage the asset.
