Mourant Ozannes' mergers and acquisitions team has advised British Virgin Islands-based LabTech Investments on its contractual takeover of Guernsey-based MarketTech Holdings.
The transaction, which values MarketTech at £892.5 million, is reported to be the largest public M&A deal in Guernsey by value so far in 2017.
LabTech is a property and technology company whose primary assets consist of an existing 71 per cent stake in MarketTech (pre-bid) and a substantial portfolio of properties in central London.
MarketTech is incorporated in Guernsey and manages a large portion of London's Camden Market. It has been listed on the London Stock Exchange, but as part of the transaction LabTech de-listed it.
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 in London, which managed the transaction.
The takeover offer was implemented by way of a recommended cash offer for all remaining shares in MarketTech not already owned by LabTech. The offer price under the bid represented a premium of approximately 30 per cent to MarketTech's closing price of 145p the day before the offer was made.
LabTech achieved the valid acceptance threshold of more than 90 per cent of the shares affected by the offer to utilise the statutory squeeze-out procedure to complete the acquisition of MarketTech.