CareTech Holdings PLC’s Recommended Cash and Share Acquisition

In UK Ashurst, Charles Russell Speechlys, Norton Rose Fulbright, advised on the matter.

Ashurst advised Amalfi Bidco Limited with a team including Nigel Parr (Competition Law), David Carter (Equity Capital Markets), Karen Davies (Picture – Equity Capital Markets), Braeden Donnelly (Equity Capital Markets), Rebecca Servian (Executive Compensation), Helen Burton (Finance), Tim Rennie (Finance), Nicholas Gardner (Tax M&A and Deal Advisory).

Charles Russell Speechlys advised CareTech Holdings PLC with a team including Paul Stone (Competition Law), Paul Arathoon (Equity Capital Markets), Andrew Collins (Equity Capital Markets), Robert Birchall (Tax M&A and Deal Advisory).

Norton Rose Fulbright advised Citibank, Dean Street Advisers with a team including Nicolas Sirtoli (Equity Capital Markets), Paul Whitelock (Equity Capital Markets), James Dunnett (Finance), Alex Zekkos (Finance).

Amalfi Bidco Limited (a newly formed company indirectly owned by Sheikh Holdings Group (Investments) Limited, Belgravia Investments Limited and Kensington Capital Limited, and funds managed by THCS IV GP S.à r.l. and TH Management IV S.à r.l. and advised by THCP Advisory Limited) made a recommended cash and share acquisition of the entire issued and to be issued share capital of CareTech Holdings PLC (“CareTech”).

Pursuant to the terms of the offer, CareTech shareholders will receive 750 pence per share, valuing the issued and to be issued share capital of CareTech at approximately £870 million.  

CareTech is a public limited company incorporated in England and Wales whose shares are admitted to the AIM-market of the London Stock Exchange. CareTech is one of the UK’s largest social care providers providing specialist care and services to children and adults, with a portfolio of 550 residential facilities and schools, across the UK.

The Ashurst team advising on this public to private and acting for Amalfi Bidco Limited was led by partner and Global Chair Karen Davies (Picture), with fellow corporate partners David Carter and Braeden Donnelly and assisted by senior corporate associates Sara Hamzawi and Jade MacDonald, and associates Alexandra Brogan, Aaron Koh, Ariella Moses, Christine Chang. Senior associate Rebecca Servian assisted on the share incentives aspects. Finance partners Tim Rennie and Helen Burton also advised with assistance from senior associates Sarah Curry and Connor Lovie. Competition partner Nigel Parr, senior associate Christopher Eberhardt and associate Victoria Beswick advised on competition aspects. Tax partner Nicholas Gardener and associate Luis De Freitas assisted on tax aspects. 

The Charles Russell Speechlys team was led by Corporate Partners Paul Arathoon and Andrew Collins, with support from  Iwan Thomas and  Laurence Whymark. The team also included Partners Rob Birchall (Corporate Tax) and Paul Stone (Competition & EU).  

The Norton Rose Fulbright’s team was led by partners Paul Whitelock and Nicolas Sirtoli, alongside banking partners James Dunnett and Alex Zekkos.

Involved fees earner: Victoria Beswick – Ashurst; Alexandra Brogan – Ashurst; Helen Burton – Ashurst; David Carter – Ashurst; Christine Chang – Ashurst; Sarah Curry – Ashurst; Karen Davies – Ashurst; Luis de Freitas – Ashurst; Braeden Donnelly – Ashurst; Christopher Eberhardt – Ashurst; Nicholas Gardner – Ashurst; Sara Hamzawi – Ashurst; Aaron Koh – Ashurst; Connor Lovie – Ashurst; Jade MacDonald – Ashurst; Ariella Moses – Ashurst; Nigel Parr – Ashurst; Tim Rennie – Ashurst; Rebecca Servian – Ashurst; Paul Arathoon – Charles Russell Speechlys; Robert Birchall – Charles Russell Speechlys; Andrew Collins – Charles Russell Speechlys; Paul Stone – Charles Russell Speechlys; Iwan Thomas – Charles Russell Speechlys; James Dunnett – Norton Rose Fulbright; Nicolas Sirtoli – Norton Rose Fulbright; Paul Whitelock – Norton Rose Fulbright; Alex Zekkos – Norton Rose Fulbright;

Law Firms: Ashurst; Charles Russell Speechlys; Norton Rose Fulbright;

Clients: Amalfi Bidco Limited; CareTech Holdings PLC; Citibank; Dean Street Advisers;

Author: Giulia Di Palma