International law firm Bird & Bird has advised Berenberg, sponsor and financial adviser to Main Market-listed Connect Group PLC, on the class 1 disposal of the Tuffnells Group.
Pursuant to a conditional share purchase agreement, Connect Group PLC's wholly-owned subsidiary, Smiths News Holdings Limited (the Seller) agreed to dispose of The Big Green Parcel Holding Company Limited and each of its subsidiaries, including Tuffnells Parcels Express Limited, to Palm Bidco Limited (the Purchaser) on a debt free, cash free basis at completion, for an aggregate deferred consideration of £15 million. The transaction was approved by the Connect Group's shareholders on Friday 1 May and completed on 2 May.
The Bird & Bird team advised Berenberg in connection with its obligations as sponsor to Connect Group PLC on the disposal, which, due to the size of the transaction relative to the size of the listed company, constituted a class 1 transaction under the Listing Rules. The team was led by partner Adam Carling (Corporate, London) with support from legal director Nicholas Heap (Corporate, London) and associate Philip Chui (Corporate, London).
Adam Carling, Corporate partner at Bird & Bird says: "We advised Berenberg in connection with its role as sponsor to Connect Group PLC on this class 1 disposal which was successfully completed in the midst of the COVID-19 lockdown in the UK. This reflects the agile and resilient capabilities of the Corporate team and demonstrates our continuing deal flow despite these challenging times for most businesses. We very much look forward to working work with Berenberg on future transactions."
