Reed Smith and Arthur Cox are advising on the entry of Swedish media business Bonnier News into the Irish market through its purchase of a “strategic” minority stake in Ireland’s Business Post Group. 

A Reed Smith team led by London-based corporate partner Kathleen Garrett is advising Business Post on the deal, which sees Bonnier take two seats on its board, while Bonnier is being advised by Arthur Cox. 

Bonnier is the largest publisher of business newspapers in Europe, with more than 200 brands in 10 countries and revenue of more than €762m, according to Business Post.

For its part, Business Post has grown revenue from €7.5m to roughly €22m in the past five years under the leadership of chief executive officer and majority shareholder Enda O’Coineen, who has expanded the business into a group of brands including events business iQuest and polling firm Red C Research alongside the Business Post newspaper. 

The company said it would seek to leverage Bonnier’s expertise to accelerate its digital transformation and expansion. 

Bonnier News chief executive officer Anders Eriksson told Business Post the company had taken a “hard look” at the Irish market. “We needed a strong respected partner in our pan-European network of B2B titles, and the Business Post is by far the best for us to work with,” he said. 

O’Coineen will remain the majority controlling shareholder in the company and day-to-day management will not change, the company said. 

Reed Smith's Garrett, who is qualified in Ireland as well as England and Wales, was assisted by corporate co-chair Delphine Currie, who provided strategic M&A advice, as well as associates Matthew Bowen, Roxana Burghel and Saiya Guo. 

“We are delighted to have worked with Business Post Group on this strategically important deal with Bonnier News,” Garrett said. “It will enable Business Post Group to accelerate its digital transformation and expansion, and to pursue its vision to grow the business both in Ireland and across the globe.”

Meantime the Arthur Cox team was led by partner Maura McLaughlin (corporate and M&A) and included Sinéad Crowley, Eoin McCague, Aidan McDonnell and Diarmaid Leahy (corporate and M&A), Kevin Lynch and Claire Murnane (finance), Olivia Mullooly and Lorraine Sheridan (technology and innovation), Patrick Horan (competition), Daniel Watters (pensions), Fiona Healy and Anne Maree Igoe (real estate) and Grace-Ann Meghen (employment).

The terms of the deal were not disclosed.