Hi-Media in Fotolog Acquisition

Cleary Gottlieb is advising 3i Venture Capital in the proposed contribution by 3i and other shareholders of Fotolog, Inc. to Hi-Media, a company listed on Euronext. The deal, which signed on August 17 and is expected to close by the end of November, is valued at €65.8 million euros, 77% paid in securities (by issue of Hi-Media shares) and 23% paid in cash.

Hi-Media, Europe’s third-ranked interactive advertising agency, is a website publishing and services company specializing in online advertising and electronic commerce with operations in eight countries. Hi-Media is also the leading provider of electronic micro-payment solutions in France, and offers a complete range of direct marketing tools and services.

Fotolog is the world’s largest photo-blogging community and one of the most-used social networks on the Internet.