Cornwalls advises Pennant International Group on its AUD 6.5 million (GBP 3.44 million) acquisition of Australian software business
Cornwalls has advised Pennant International Group plc (Pennant), the UK based and AIM quoted supplier of integrated training and support solutions, products and services to the defence and regulated civilian sectors, on its acquisition of Absolute Data Group (ADG) by way of shares (Acquisition).
The maximum value of the Acquisition is AUD 6.5 million (GBP 3.44 million), subject to adjustment on completion for net debt and working capital. Completion of the Acquisition is subject to the satisfaction or waiver of certain conditions and is anticipated to take place around February 2020.
The Acquisition will provide Pennant with an expanded presence in North America and Australia which are its target growth markets. The ADG business, which has an established presence in the US, will “form part of an enlarged, enhanced ‘Integrated Logistics Support’ offering focused on the provision of software and other support services”.
Cornwalls’ role involved initial transaction advice, conduct due diligence investigations including establishment and maintenance of a (purchaser’s) data room and negotiating and managing the Acquisition across a number of areas and jurisdictions.
The Cornwalls team was led by Simon Jay (Partner) and Eric Ho (Special Counsel), who were supported by Kunal Sood (Lawyer) and Sophie Davey (Lawyer), as well as Martin Alden (Partner), Myles Harry (Partner), Len Hickey (Special Counsel), Jessica Cirnigliaro (Lawyer), Madison Davies (Lawyer), Emma Hegarty (Trade Marks Attorney) and Natasha Kandi (Trainee). Cornwalls was assisted by Sills, Cummis & Gross in the US.
Cornwalls congratulates Pennant on its acquisition of ADG and looks forward to assisting Pennant on the completion of the Acquisition in the near future.
For further information, please refer to: http://www.pennantplc.co.uk/news/acquisition-of-absolute-data-group-adg/