DAC Beachcroft Advises SintecMedia Ltd on Acquisition of Pilat Media Global plc
Published 28 April 2014
International law firm DAC Beachcroft has advised Israeli company SintecMedia Ltd and its wholly-owned UK subsidiary Sintec Media Software Limited on their acquisition of Pilat Media Global Plc for £63.3 million.
SintecMedia, which is majority-owned by US-based private equity house Riverwood Capital, is a pre-eminent provider of global broadcasting management solutions for some of the world's leading media companies, including ABC & NBC Universal (USA), BBC and Fox.
Pilat, which operates in the same sector as SintecMedia, occupied a unique position as the only company quoted both on AIM and the Tel Aviv stock exchange.
The acquisition, which completed on 3 April, was effected by a scheme of arrangement under Part 26 of the Companies Act 2006.
Corporate expert Clive Garston led the team for DAC Beachcroft with support from solicitors Agnes Macduff and Philip Walton. Partner John Dunlop and solicitor Matt Spencer provided tax advice while Partner Alexandra Von Westernhagen and solicitor Rik Mennen advised on competition aspects of the deal.
Commenting on the deal, Clive Garston said: "We are delighted to have advised SintecMedia on the acquisition, particularly as I was instructed on the company's original and ultimately unsuccessful bid for Pilat back in 2008. It was particularly satisfying to be able to return to advise on the successful completion of this long-awaited deal. It was a pleasure to work with SintecMedia again and help them with what I believe is a very significant transaction and an important step towards an exciting future for the group."
Amotz Yarden, CEO of SintecMedia, said: "We are very happy to have been advised by Clive Garston and his team on our acquisition of Pilat. The DAC Beachcroft team, with its experience of public takeover transactions, was dedicated, responsive and commercial in guiding us through the deal. It was a very complex acquisition due to Pilat's dual listing in London and Tel Aviv and Clive and his team ensured a successful outcome for us – we could not have chosen a better law firm."
Furth, Wilensky, Mizrachi, Knaani acted as Israeli legal counsel to SintecMedia with Cairn Financial Advisers LLP as financial adviser. Berwin Leighton Paisner and Barnea & Co acted for Pilat on English and Israeli law respectively while Shore Capital and Corporate Limited acted as nominated adviser and broker.