Proposal in to acquire ASX-listed intelligent traffic management company

Value: $0.92 per share, total acquisition value of $146.1 million.

Area: M&A.

Key players: The team advising Verra Mobility was led by King & Wood Mallesons partners Lee Horan and Mark McNamara, with assistance from senior associate Genovieve Lajeunesse and solicitor Emma Warner. A Gresham Partners team led by Darren MacGregor provided financial advice.

Deal significance: Reflex is described as an intelligent traffic management company, listed on the ASX under RDF.

The deal by NASDAQ-listed Verra Mobility is expected to close in May 2021, subject to regulatory approvals, specific conditions being satisfied, and Redflex shareholders’ support.

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“The cross-border deal unfolded over the Christmas period,” a statement from King & Wood Mallesons explained. 

“It demanded KWM’s remote-working team to navigate regulatory and operational considerations for each market in Redflex’s 10-jurisdiction footprint spanning Asia Pacific, North America, United Kingdom, Europe and the Middle East.” 

Commenting further on the deal, King & Wood Mallesons lead partner Mr Horan said: “While these transactions are always complex, it is especially rewarding to have worked with a first-class deal team of a NASDAQ-listed entity to deliver an exceptional outcome.”

Verra Mobility chief executive David Roberts added: “We are incredibly excited for this step forward in building the Verra Mobility of the future, expanding our portfolio of safe city solutions, and solidifying our position as a global leader in smart transportation.”