The split is a result of the company being overleveraged following its $630 million acquisition by Apax Partners, a private equity fund, in 2007. Apax will keep control of what is essentially the American Lawyer Media business in the U.S., which is again being branded as ALM. William Pollak remains CEO of ALM.
Royal Bank of Scotland will own a 49% stake in the U.S. business. Banks will take over Incisive’s “struggling” U.K. arm, according to a story posted on FT.com. The story also said that as part of this deal, Apax will invest $15 million into ALM, and its debt will be reduced from $450 million to $300 million.