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Corrs acts on $US1 billion software buy

Corrs acts on $US1 billion software buy

Corrs Chambers Westgarth has acted on $US1 billion software buy.

Firms: Corrs Chambers Westgarth (Apax Partners), Skadden, Arps, Slate, Meagher & Flom (Paradigm Software Group)

Deal: Cash acquisition of Paradigm Software Group

Area: M&A

Value: $US1 billion

Key players: James Delesclefs, formerly a partner of Kirkland & Ellis in London, led the Corrs team, together with Sydney M&A partner James Rozsa and lawyer Maggie Wong. Corrs engaged a national team including partners James North, Odette Gourley, Greg Hassall and Jack de Flamingh, together with special counsel Joanne Dwyer, senior associates Melissa Brunning, Alison Jones and Meagan Johnston, and lawyers Daniel Thompson and Annika Martz.

Deal significance: An Apax-led consortium has agreed to acquire the global operations of Paradigm, an independent software provider focused on the oil and gas exploration industry with offices in six continents, from private equity group Fox Paine & Company. Paradigm’s Australian operations include a key research and development facility together with offices in Brisbane and Perth. Funds under the advice of Apax total approximately $US40 billion around the world.

 “This highlights both the interest we are currently seeing by global private equity firms in Australian-based companies and private equity’s continued appetite and capacity, despite global market conditions, for large secondary buyouts,” said Rozsa.

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Corrs acts on $US1 billion software buy
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