Slaughter and May advised ITV plc on its investment in what3words Limited. what3words is a uniquely accessible location service, which has divided the world into a grid of 3m squares, giving each its own three word identifier: a what3words address. ITV is acquiring a minority stake valued at £2 million in return for advertising inventory, with an option to invest a further £2 million.
This is ITV’s first investment under its new Media for Equity programme, through which ITV will take minority stakes in early stage digital and direct-to-consumer businesses in return for advertising inventory across ITV's channels and the ITV Hub.
Slaughter and May supported the in-house legal and commercial teams at ITV, led by Georgina Ball (Head of Legal, Corporate), Niko Waesche and Lizzy Crabb.