February 26, 2018 / 12:28 PM / in a year

Meredith to sell UK arm of Time Inc to Epiris Fund

Feb 26 (Reuters) - U.S media company Meredith Corp said on Monday that it would sell the UK arm of Time Inc, months after announcing its acquisition of the publisher of People, Sports Illustrated and Fortune magazines.

Financial terms of the sale to private equity firm Epiris Fund II were not disclosed.

The transaction is expected to close by the end of the first quarter of 2018, Meredith said.

Meredith is being advised by Barou Advisers and Herbert Smith Freehills LLP for the Time Inc UK sale.

Meredith had said in November that it would buy Time Inc in a $1.84 billion all-cash deal backed by conservative billionaire brothers Charles and David Koch. (Reporting by Munsif Vengattil in Bengaluru; Editing by Shounak Dasgupta)

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