Maples Advises Edwards Group Limited on its Acquisition by Atlas Copco AB
Maples and Calder is advising Edwards Group Limited ("Edwards") as to matters of Cayman Islands law on its acquisition by Sweden-based Atlas Copco AB. The transaction is valued at up to approximately $1.6 billion, including the assumption of debt, made up of an initial cash payment of $9.25 per share at the time of closing and an additional payment of up to $1.25 in cash, payable following finalisation of the group’s 2013 financials, with the amount depending on Edwards' 2013 revenue and achievement of certain adjusted EBITDA targets. The transaction is expected to close in the first quarter of 2014, and is subject to approval by Edwards’ shareholders, receipt of regulatory approvals and other customary closing conditions. Edwards' shareholders representing approximately 84% of the issued shares have entered into voting agreements with Atlas Copco in favour of the transaction.
The Edwards Group is a U.K.-based leading developer and manufacturer of sophisticated vacuum products, abatement systems and other related value-added services that are integral for the manufacturing processes for semiconductors, flat panel displays, LEDs and solar cells. The U.K.-based group has American Depositary Shares listed on Nasdaq. Atlas Copco is a provider of industrial productivity solutions, including the manufacture of compressors, expanders and air treatment systems, construction and mining equipment, power tools and assembly systems.
The Maples and Calder team is led by corporate partner Jack Marriott in London and includes associate Matthew Bloomfield. Weil Gotshal & Manges acted as co-lead counsel with Davis Polk & Wardwell London LLP.