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Mourant Ozannes' Guernsey mergers & acquisitions team has advised British Virgin Islands based LabTech Investments Limited (LabTech) on its contractual takeover of Guernsey-based, London Stock Exchange listed MarketTech Holdings Limited (MarketTech) in a transaction that values MarketTech at £892.5 million. The transaction is the largest public M&A deal in Guernsey by value so far in 2017.
LabTech is a property and technology company with its primary assets consisting of an existing 71% stake in MarketTech (pre-bid) and a substantial portfolio of properties in central London. MarketTech is incorporated in Guernsey and it manages a large portion of London's Camden Market.
Partner Darren Bacon led the team advising LabTech, assisted by Counsel Alex Davies and Associate Alana Nisbet. LabTech was also advised by Berwin Leighton Paisner LLP in London who managed the transaction.
Darren said: "The LabTech transaction is a terrific deal not only for the MarketTech shareholders, but also for Guernsey. 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. We are proud to have advised LabTech and worked alongside onshore counsel Berwin Leighton Paisner LLP".
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.
