Advising Anite plc On The £45m Sale Of Its Travel Business
03 Jun 2014
International law firm Simmons & Simmons has advised longstanding client Anite plc on the sale of Anite Travel Limited, for a total cash consideration of £45m to LDC, the UK mid-market private equity house.
LDC will acquire the entire share capital of Anite Travel Limited from Anite plc. The cash consideration is subject to customary completion adjustments and £1.7m will be held in escrow at completion. The disposal reflects Anite plc’s stated strategy to focus on its wireless test solutions business.
Simmons & Simmons advised on the corporate, tax, employment, pensions, IP and IT services aspects of the transaction.
The Simmons & Simmons team was led by corporate partner Giles Dennison, assisted by corporate associates Nick Ramage and Tom Burgoo, with tax advice provided by partner Nick Cronkshaw and associate Chris Agnoli, IT services advice from associates Lawrence Brown and Marcus Clayden, pensions advice from associate Richard Pilsworth, IP advice from associates Angus McLean and Lydia Torne and employment advice from associate Anna Shelley.
Commenting on the transaction, Giles Dennison said: "The sale of Anite Travel Limited is a key element of Anite plc’s strategic plans to position themselves as a global leader in wireless test solutions. We are delighted to have been able to work with the Anite team once again and to help them through to completion of such an important transaction".
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