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KPMG Law has advised Redflex Holdings Limited (Redflex) on its acquisition by a NASDAQ-listed US-based transportation technology group.
Firms: KPMG Law (Reflex); undisclosed (Verra Mobility).
Value: Approximately $152 million.
Area: M&A.
Key players: The KPMG Law team was led by head of corporate and M&A David Morris, supported by director Paul Mayson and solicitors Bree Taylor and Andrew Antoun.
Deal significance: Commenting on the deal, Mr Morris said: “The successful transaction valued Redflex at A$0.96 per share, representing a total acquisition price of approximately A$152 million.
“KPMG Law was legal adviser to Redflex on all aspects of the transaction, including navigating the necessary regulatory and court approval process,” noting that the team was delighted to advise Redlex on completing the “complex cross-border deal in the challenging COVID-19 environment”.
“This transaction had various twists and turns,” he said. “These included not only a price increase prior to the second court hearing but also obtaining approval from the Federal Court of Australia at the second court hearing to turn a condition precedent under the scheme of arrangement into a condition subsequent, which is unusual in public M&A transactions.”
