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ASX engineering company to be sold for $100m

MinterEllison has advised ASX-listed Legend Corporation on its acquisition by Adamantem Capital.

May 30, 2019 • By Emma Musgrave
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Firms: MinterEllison (Legend Corporation Limited); Undisclosed (Adamantem Capital)

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Deal: Legend has entered into a scheme implementation agreement with Adamantem Capital under which Adamantem Capital will acquire 100 per cent of the shares in Legend by way of a scheme of arrangement.

 
 

Value: $100.6 million

Area: M&A

Key players: MinterEllison special counsel Keith Tan led the team acting for Legend, alongside partners Alberto Colla and Elissa Romanin, and special counsel Robert Yunan.

Deal significance: Legend is described as an ASX-listed Australian engineering solutions provider that operates in the electrical, power, rail, mining, information technology, telecommunications, defence, medical, industrial and commercial gas industries.

The recommended cash offer from Adamantem Capital for $0.365 per share, representing a 22.1 per cent premium to the one-month volume-weighted average price of Legend's shares.

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The deal values Legend’s fully diluted equity at approximately $79.6 million and implies an enterprise value of $100.6 million, a statement from Minters confirmed. 

“We are delighted to be assisting Legend on this important transaction which represents a compelling exit opportunity for shareholders in a landscape of relatively low liquidity and trading volumes, and a significant milestone for the growth of Legend under private ownership,” said Minters special counsel Keith Tan. 

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Emma Musgrave

Emma Musgrave

Author

Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.

Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences. 

Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.

She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University. 

Email Emma on: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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