Acquisition still subject to satisfaction of conditions
Allens announced that it has advised Lifi Labs (LIFX) on its cross-border sale to Internet-of-Things (IOT) firm Buddy Platform Limited for US$51 million (A$71 million) in a cash and scrip deal.
With headquarters in both California and Victoria, LIFX is a provider of wifi-enabled smart lighting solutions. On the other hand, Adelaide-based Buddy Platform provides solutions for making spaces smarter. Buddy Platform’s acquisition of LIFX will enable it to incorporate a globally deployed energy and sensing lighting platform into its cloud-based solutions.
Working closely with US law firm Latham & Watkins, Allens advised on all aspects of the transaction, including structuring the cross-border deal. The acquisition is subject to satisfaction of conditions, including completion of Buddy Platform's acquisition financing and Buddy Platform obtaining all requisite shareholder approvals.
“Being a cross-border transaction, the sale of LIFX to Buddy Platform required a complex structure to work from both an Australian law and Delaware law perspective,” said Mark Malinas, lead partner at Allens.
Allens senior associate Dominic Anderson said the sale will support continued investment in innovative, cloud-based technology to create energy-efficient solutions. “We were delighted to work with LIFX, a company that is pioneering lifestyle automation in the Internet-of-Things space,” he said.
