DLA Piper lands top role for Towergate on £276m software supplier acquisition
DLA Piper has advised Towergate on the broker's largest deal yet, the £276m acquisition of software supplier Open International.
October 03, 2007 at 11:55 PM
2 minute read
DLA Piper has advised Towergate on the broker's largest deal yet, the £276m acquisition of software supplier Open International.
The firm advised regular client Towergate on the acquisition from private equity house Montagu, in a deal announced last week (24 September), after being initially instructed in July.
Private equity partner Mel Sims led the DLA Piper team, assisted by corporate associates Amber Matthews and Mark Chivers and projects partner Alex Griffiths.
Towergate has instructed DLA Piper on most of its deals since the broker's creation in 1997 and the client has already instructed DLA Piper on three further deals of a similar size to this one.
Montagu was advised by Linklaters private equity partner Richard Youle. Corporate associate Peter Lewis and partner Laurent Schummer worked from London while associates Audrey Scarpa and Audrey Benguira provided advice from Luxembourg.
Montagu bought the company for £182m from Misys in March 2006 and was approached by Towergate before it had planned
to sell it.
Open International is a supplier of IT services to insurance brokers and covers 40% of the UK broker market.
Finance for the deal was provided by Halifax Bank of Scotland (HBOS), which was advised by Freshfields Bruckhaus Deringer. Leveraged finance partner Chris Howard led the team, assisted by finance associates Charles McConnell and Boris Betremieux. Pinsent Masons corporate partner Andrew Masrat advised management.
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