find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
‘Business as usual’ following foreign acquisition

‘Business as usual’ following foreign acquisition


A Japanese company has entered an agreement to acquire an Australian staffing and maintenance outfit.

Firms: Ashurst (Programmed Maintenance Services Limited); Allen & Overy (PERSOL)

Deal: PERSOL entered an agreement to acquire Programmed Maintenance Services Limited (Programmed).

Value: Approximately $792 million

Area: M&A

Key players: The Ashurst team advising Programmed was led by partner Antonella Pacitti (pictured), with support from partner Roger Davies.

Deal significance: Programmed, an ASX-listed staffing and maintenance services provider, has entered a scheme implementation deed, pursuant to which PERSOL will acquire 100 per cent of Programmed’s issued capital by way of a scheme of arrangement.

PERSOL, formerly known as Temp Holdings, is a large Japanese staffing company listed on the Tokyo Stock Exchange.

Programmed shareholders will receive $3.02 per share, a premium of 68 per cent on the company’s closing share price on 13 July, the day before the acquisition was announced.

Programmed’s board unanimously recommended the acquisition. The company noted in an ASX announcement that the deal would give it a platform to expand its maintenance and facility management operations into Asia.

“We consider that the offer price of $3.02 per share fairly reflects the considerable value PERSOL places on our strategic plan, the capability of Programmed people to deliver it, and our strong market positions,” said Programmed chairman Bruce Brook.

PERSOL has made it clear that it intends to work with the Programmed management team to support and invest in delivering Programmed’s current growth strategy.

“We are pleased that our managing director/CEO Chris Sutherland and other senior management have committed to continue with the business, and customers can be assured it will be business as usual if shareholders support the scheme and it is ultimately implemented.”

Ashurst lead partner Antonella Pacitti said, “We are very proud of our long-standing relationship with Programmed, and are delighted to be working together on this significant transaction. We look forward to continuing to work with the Programmed team through to implementation and beyond.”

The acquisition is expected to be completed on October 2017.

Pictured: Ashurst partner Antonella Pacitti

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

‘Business as usual’ following foreign acquisition
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...