Gnarus Partners advised German media company Burda Druck in buying out its joint venture partner HT Media’s 51 per cent stake in HT Burda Media for Rs 60 crore ($9.6m). HT Media was advised by S&R Associates.
Gnarus managing partner Rishi Anand with associate Jitendra Soni acted for Burda Druck, which is understood to have had a large legal adviser in India before but has begun instructing Gnarus in India since February 2013, a few months after starting the firm in December 2012.
S&R partner Rajat Sethi with associates Radhika Iyer and Dhruv Nath acted for HT Media which, as reported by Medianama, offloaded its entire stake because the gross margins in the printing business were much lower than the margins in the print media business.
Burda is one of the largest printing companies in Europe and is a part of the €2.5bn Hubert Burda Media Group printing the world’s biggest magazine brands Elle, Playboy, Focus and Lisa, said Anand.
He explained that Gnarus had worked on five deals and been involved in other matters since starting up. It also recently moved to a bigger 4,500 square feet office in Delhi's GK-II area, which could accommodate up to 25 to 30 people, with the firm currently employing between eight and 10 professionals.