Property and technology company LabTech Investments Limited has completed the contractual takeover of Guernsey-incorporated and London Stock Exchange (LSE) listed MarketTech Holdings Limited.
The transaction values the latter at £892.5 million – the largest public merger & acquisition (M&A) deal in Guernsey by value so far in 2017.
LabTech's primary assets consist of an existing 71% stake in MarketTech – pre-bid – and a substantial portfolio of properties in Central London, a portfolio boosted by the fact that MarketTech manages a large portion of London's Camden Market.
The takeover offer was implemented by way of a recommended cash offer for all remaining shares in MarketTech not already owned by LabTech and the offer price under the bid represented a premium of approximately 30% to MarketTech's closing price of 145p the day before the offer was made.
LabTech achieved the valid acceptance threshold of more than 90% of the shares affected by the offer to utilise the statutory squeeze-out procedure to complete the acquisition of MarketTech.
As part of the transaction, LabTech de-listed MarketTech from the London Stock Exchange.
Mourant Ozannes' Guernsey M&A team advised LabTech on the takeover, led by Partner Darren Bacon with assistance from Counsel Alex Davies and Associate Alana Nisbet. LabTech was also advised by Berwin Leighton Paisner LLP in London, who managed the transaction.
Mr Bacon said the transaction was a terrific deal for Guernsey as well as MarketTech's shareholders.
"It was challenging in respect of the number of moving parts and multiple jurisdictions, but it's another great example of the increased level of M&A activity we're currently experiencing," he said. "We are proud to have advised LabTech and worked alongside onshore counsel Berwin Leighton Paisner LLP".
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
