Nearmap will become a privately held company upon completion of the deal
DLA Piper has confirmed its role in a $1.05bn takeover bid made by American private equity firm Thoma Bravo in favour of ASX-listed aerial imagery company Nearmap.
Pursuant to the offer, Thoma Bravo agreed to acquire 100% of the shares in Nearmap for $2.10 per share by way of an all-cash scheme of arrangement. According to Nearmap chair Peter James, the board believes that the Thoma Bravo scheme will realise attractive and certain value for shareholders in current markets.
At present, the transaction is still subject to FIRB approval, US competition and anti-trust clearance and customary conditions, and shareholder and court approval – all of which must be satisfied before the scheme is implemented. Upon completion of the deal, Nearmap will become a privately held company.
A DLA Piper global cross practice team led by partner David Ryan assisted Nearmap in accepting the offer. Other team members who helped Ryan to finalise the deal were partners Elliott Cheung and James Stewart; special counsel Roger Hawkins; solicitors Cassian Ho and Mariam Jaber; and graduate Abdul Ali.
Partner Eddie Ahn and senior associate Kenny Mui advised on the tax aspects of the transaction. Partners Andy Weil and Paolo Morante from the US team also provided legal support.
