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Published 4 junio 2020
DAC Beachcroft’s London Corporate team has assisted client Castleton Technology PLC, a software and technology provider in the social housing sector, on its acquisition by means of a Court-sanctioned scheme of arrangement, by US-based MRI Software for £90m.
The DAC Beachcroft team was led by corporate partner Matthew Darling. He was assisted by - among others - legal director and equity capital markets specialist Michelle Jones, tax partner John Dunlop, solicitor Aleks King-Sorrell and trainee Francesco Rosso.
DAC Beachcroft’s UK Corporate team comprises over 40 lawyers and works closely with specialist colleagues in other teams who provide support on taxation, finance, compliance and regulatory, employment, pensions, litigation, real estate, competition, procurement and IT, and intellectual property aspects of transactions. It is part of the firm’s wider Business Advisory Group, which numbers over 200 colleagues.
Equity capital markets-related work, and particularly advising companies whose shares are quoted on AIM, is a key element of DAC Beachcroft’s Corporate offering; this transaction, coupled with others we have in hand and the fact that we acted on 20% of AIM IPOs last year, demonstrates our leading position amongst advisors in this market.
Matthew Darling said, “We are delighted to have been able to work with our long-standing client Castleton on this deal, which is the culmination of a highly successful buy-and-build strategy implemented by it over recent years and which, representing as it does a 43% premium to Castleton's closing share price before the deal announced, is widely regarded to be a great outcome for its shareholders.
“The deal is the first take-private to have completed since the lockdown began and it underlines not just our acknowledged expertise in the equity capital markets space but also our ability to deliver on high value, complex corporate transactions even in the current environment."
London
