Summary:

B2B publisher Incisive Media’s private equity backer is splitting the business in two, FT.com reports.

Apax Partners, which owns 59 percent…

Incisive Media global CEO Tim Weller

B2B publisher Incisive Media’s private equity backer is splitting the business in two, FT.com reports.

Apax Partners, which owns 59 percent of Incisive, will take full control of its US-based American Lawyer Media portfolio of magazines, websites and events, which Incisive bought for $630 million (£387 million) in 2007.

Apax in investing another $15 million (£9.2 million) into the spun-out unit as part of a debt restructuring drive – as a result of a debt-for-equity swap with Royal Bank of Sctoland, the unit’s debt falls from $450 million to $300 million, according to FT.com.

The remainder of the company remains with London-listed Incentive, in which Apax retains its 59 percent share – for now, at least…

Incisive breached a banking covenant last December and news of talks to secure an equity bailout emerged in February.

Minority shareholders Ingenious Media, which slashed the value of its investment in March, Caledonia Investments and Apax could end up owning just a fraction of Incisive shares if further debt for equity deals are agreed with lenders.

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