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Lifi Labs advised on sale to Buddy Platform

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Lifi Labs advised on sale to Buddy Platform

Lifi Labs lifestyle image

LED light manufacturing company Lifi Labs has been advised on its agreed sale to IT service management company Buddy Platform Limited.

Firm: Allens (in association with Latham & Watkins) (Lifi Labs); Unknown (Buddy Platform).

Deal: Buddy Platform Limited has bought Lifi Labs (trading as LIFX) on an agreed sale for US$51 million (A$71 million) in a cash and scrip deal.

Value: $71 million, in a cash and scrip arrangement

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Area: Corporate

Key players: The Allens team was led by corporate partner Mark Malinas, who was assisted by partner Joseph Power and Robert Pick, senior associates Dominic Anderson and Jay Prasad, and associate Niamh Rodgers.

The DLA Piper team was led by Perth-based corporate partner and co-head of DLA's disruption and innovation group Marc Wilshaw, with partner Alex Regan, special counsel Hedley Roost and solicitors Jonathan Foo, Kirsty Hall and Rose Wilson.

DLA's Palo Alto team also provided assistance, including partners Brandee Diamond and Cisco Palao-Ricketts, and associates Jennifer Kristen Lee, Philipp Tsukanov and Eric Chow.

Deal significance: The acquisition is subject to satisfaction of conditions present, including completion of Buddy Platform’s acquisition financing and Buddy Platform obtaining all requisite shareholder approvals, Allens said in a statement.

Mr Malinas said: “Being a cross-border transaction, the sale of LIFX to Buddy Platform required a complex structure to work from both an Australian law and Delaware law perspective.”

Mr Anderson added: “We were delighted to work with LIFX, a company that is pioneering lifestyle automation in the Internet of Things space.”

On the DLA side, Mr Wilshaw said: "This is a highly strategic and transformative transaction for our client Buddy. The LIFX smart lighting products will provide the perfect partner to their Buddy Ohm platform, and the combination of intelligent products will deliver a growing customer base and entry to new markets.”

“We have been pleased to partner with Buddy once again, as they continue to grow and realise their vision of creating smarter spaces around world,” he said.

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