Login
Listed company advised on $2.1bn acquisition by consortium
ASX-listed education company Navitas Limited has been advised on a proposed acquisition of 100 per cent of its issued shares.
Jerome Doraisamy
Firm: Ashurst (Navitas Limited)
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Deal: Ashurst have advised Navitas on all aspects of a scheme of arrangement – still subject to approval of conditions – under which BGH Consortium will acquire 100 per cent of issued Navitas shares.
Value: $2.1 billion
Area: Corporate
Key players: The Ashurst team was led by partners Roger Davies and Antonella Pacitti, who were supported by senior associates Themo Georgiou and Rowan Krasnoff, and associates Jacob Carmody, Toby Newnes and Meng-Yeow Lim.
Banking and finance support was provided by partners Shawn Wytenburg and Gaelan Cooney. Partner Rehana Box and associate Alex Nash advised on insurance matters, and partners Peter McCullough and Sanjay Wavde advised on tax aspects with support from counsel Paul Glover.
Deal significance: The Navitas directors have unanimously recommended that Navitas shareholders vote in favour of the scheme, Ashurst said in a statement, “in the absence of a superior proposal and subject to an independent expert concluding it is in the best interests of Navitas shareholders.”
Under the scheme, Navitas shareholders will receive $5.825 for each Navitas share they hold, which represents a material increase to the price of $5.50 originally offered under the BGH Consortium’s first proposal, which was rejected by Navitas in November 2018, and a premium of 33.9 per cent to Navitas’ share price before announcement of that first proposal, Ashurst said.
