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Freehills works on PearlStreet takeover

Freehills works on PearlStreet takeover

Freehills is advising PearlStreet on the takeover offer made by Australian Laboratory Services Pty Ltd, a subsidiary of Campbell Brothers.

FREEHILLS is advising PearlStreet in relation to the recent takeover offer made by Australian Laboratory Services Pty Ltd, a subsidiary of Campbell Brothers.

The takeover values PearlStreet at $108.3 million on an enterprise basis.

PearlStreet is an Australian company that provides testing, inspection and asset care services to the energy, resources and infrastructure sectors.

The Freehills team has been led by partner Simon Reed, assisted by senior associate David Naoum and solicitors James Sippe and Rhys Simpson.

Reed said the transaction delivers a substantial premium to PearlStreet shareholders.

“In advising PearlStreet, it was important to ensure that PearlStreet’s board had sufficient flexibility to properly evaluate and progress alternative proposals, including an announced proposal to recapitalise the company.

“This enabled PearlStreet to maintain competitive tension and maximise the value delivered to its shareholders.”

Argonaut acted as financial advisers to PearlStreet.

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