The Guardian Media Group and private equity firm Apax Partners have incorporated a new company registered in the Cayman Islands as part of its proposed acquisition of Emap’s B2B titles, which is due to be completed this month.
The Guardian noted the move today in a story about the German government’s urging the Europe Union to get tough on tax havens.
A spokesman for GMG told the paper that the arrangements are completely legitimate and are “not about GMG avoiding tax”. GMG has paid an average of 34 per cent tax over the last five years, and the new company will pay full UK corporation tax, the spokesman told the paper.
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