Walker Morris advises Renew on acquisition, share placing and new debt facilities

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Walker Morris has advised the AIM quoted, engineering services group, Renew Holdings plc, on the proposed acquisition of QTS Group Limited for a cash consideration of £80 million, a placing to raise gross proceeds of £45 million and new debt facilities.

The net proceeds of the placing will be used to fund part of the consideration, with the balance of the consideration (plus associated transaction costs) to be funded from new debt facilities provided by Renew’s existing lending bank HSBC, comprising a £35 million four year term loan, £20 million revolving capital facility and £10 million overdraft facility, which together replace all existing debt facilities.

QTS is a leading specialist independent rail contractor based in Scotland which has a longstanding relationship with Network Rail, operating under long-term framework positions. Its acquisition will increase Renew’s market share, footprint and specialist positioning in the rail market and will add complementary services to the existing Group’s rail offering.

Walker Morris fielded a team of multidisciplinary specialist lawyers to advise Renew on the acquisition and placing including: Debbie Jackson, Richard Naish, Laura Cavell and Sonia Lonsdale (Corporate), Peter Considine and Laura Lister (Banking & Finance), Andrew Rayment and Charlotte Smith (Employment) and Sarah Bruce (Tax).

The post Walker Morris advises Renew on acquisition, share placing and new debt facilities appeared first on The Lawyer | Legal insight, benchmarking data and jobs.



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