International law firm Bird & Bird LLP has advised Fluid Music Canada, Inc, listed on the Toronto Stock Exchange, on its proposed acquisition of Mood Media Group SA for EUR160 million and related debt and equity financing. The deal will complete on 4 June 2010.
Fluid is a leading private label music aggregation and distribution company, providing music solutions to both business and individual consumers, which has compiled a music library of over five million songs, free of digital rights management restrictions, from a diverse network of producers. Mood Media is one of the most advanced solutions providers for the in-store media market and provides innovative audio, visual and scent marketing services to more than 650 international brands across more than 116,000 business locations in 35 countries.
The Bird & Bird team, led by Corporate partner Simon Fielder co-ordinated the efforts of a pan-European banking team and advised Fluid not only on the sale and purchase agreement but also on financing and security issues in the Netherlands, France and Germany. A team from Canadian law firm Stikeman Elliott, led by Jeffrey Singer also acted for Fluid. Mood Media was advised by K&L Gates and SJ Berwin in Europe and Blakes, Cassels and Graydon in Canada. Contracts were exchanged within nine days of the Bird & Bird team being instructed on the transaction and Fluid was successful in securing committed senior acquisition finance from Bank of Montreal, mezzanine debt from West Face and an underwritten CDN$60m equity financing within this time frame.
Bird & Bird has previously worked with the senior executives of Fluid when they were at AIM and TSX listed FUN Technologies Inc where the firm acted on the successful disposal of this gaming company to Liberty Media.
Simon Fielder, Partner, Bird & Bird, London, commented: "We are delighted to assist Fluid in entering into the agreement to acquire Mood Media which is a transformative transaction for Fluid. We were able to call on the expertise in our offices throughout Europe to enable contracts to be exchanged within the very short timescale demanded under the competitive process and to assist in ensuring that committed finance was put in place. We continue to see positive signals that the right deals are starting to get done and that the growth company sector is once again seeking opportunities for M&A, introductions to new markets and new investors.