Currie & Brown makes offer for Sweett Group
Currie & Brown and Sweett have reached agreement whereby Currie & Brown, a wholly-owned subsidiary of Dar, will acquire the entire share capital of Sweett.
Sweett Shareholders will be entitled to receive 42 pence in cash for each Sweett Share held, valuing the entire issued share capital of Sweett at approximately £29 million (US$38.6 million). The consideration payable under the offer will be funded from Currie & Brown's existing cash resources.
In May we reported that WSP Global reached an agreement with the Board of Directors of Sweett Group to acquire all shares of Sweett, but the proposal fell away.
London Bridge Capital Infrastructure Limited is acting as financial adviser to Currie & Brown in respect of the offer. Ashurst LLP is acting as legal adviser to Currie & Brown in respect of the Offer.
Stockdale Securities Limited is acting as financial adviser to Sweett. Pinsent Masons LLP is acting as legal adviser.
Commenting on the acquisition, John Dodds, Chairman of Sweett, said:
"The Sweett Directors have considered the merits of the WSP Proposal and the Offer and are now recommending the Offer of 42 pence in cash per Sweett Share as it provides most value for Sweett Shareholders. In addition, in light of the unwillingness of the Sweett Group's bank to extend facilities to the Sweett Group beyond 8 July 2016, the Sweett Directors have also taken into account Currie & Brown's provision of the Liquidity Facility. Furthermore, the Sweett Directors consider that the Offer provides an attractive premium to the price per Sweett Share prior to commencement of the Offer Period and the WSP Proposal and allows all Sweett Shareholders to realise their investment in cash."
David Broomer, Group Chairman of Currie & Brown, said:
"This transaction will bring together two well-respected businesses to create a leading construction advisory business and deliver a key element of Currie & Brown's strategy - to provide a quality offering to global and local clients alike. The acquisition of Sweett will create a business of substantial scale in the UK, which will provide a compelling offer to clients and significant opportunities for all our people to develop."
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