Bird & Bird today announces that its Corporate team is advising Earthport Plc on its offer to acquire London based BRITDAQ traded company Baydonhill plc.
Earthport plc is a global financial services company providing a cross border payments service in over 50 countries and territories worldwide. The company is listed on AIM, and has been trading since January 2001.
Baydonhill plc is a currency exchange brokerage that services corporate clients. Previously listed on AIM the company is now traded on BRITDAQ. Earthport has announced its intention to acquire Baydonhill by way of a takeover offer for the entire issued share capital of the company.
Bird & Bird has been acting for Earthport since 2009 and was appointed to take the company through the acquisition process. The Corporate team also advised Earthport of its US$10 million equity financing by IFC earlier this year.
The proposed acquisition by Earthport comes as markets finally see an increase in M&A activity and is part of a number of other public company transactions the Bird & Bird Corporate team has advised on over the last few months.
Simon Fielder, partner, Bird & Bird said: "We were thrilled to be appointed by Earthport to advise on this deal. Whilst not large in size, this deal was complex for a public company transaction, as it included a deferred consideration, earn-out option for shareholders and we needed to advise on the creation of a "Contingent Value Right" to implement this and look at some of the Takeover Panel's issues around this.
"This deal also reflects the resurgence in M&A activity which both the markets and our team have seen over the last few months. Companies are demonstrating a renewed confidence by their willingness to invest and we hope to see this growth continue."
Hank Uberoi, CEO, Earthport, said: "This is an important deal for us as part of our strategic expansion plans, and so it was very important that we chose the right firm to work with us on this. Our decision to instruct Bird & Bird was due to their experience in undertaking complex transactions as well as our existing relationship with the team. We have been very pleased with the guidance that we have received from Bird & Bird and look forward to continuing to work with them."
The Bird & Bird team was comprised of Simon Fielder, Joanne Bletcher, Colin Kendon and Ciara Thompson.