Oakley Capital Corporate Finance (“Oakley”), the leading TMT specialist corporate finance firm, has advised Maintel Holdings Plc (“Maintel”; the “Company”) on its proposed conditional acquisition of Azzurri Communications Group (“Azzurri”) at an enterprise value of £48.5 million, and its proposed placing by way of an accelerated bookbuild to raise c.£24 million in order to partially fund the acquisition. The Company is also entering into a new £36 million debt facility with The Royal Bank of Scotland plc. The acquisition constitutes a reverse takeover under Rule 14 of the AIM Rules, and accordingly will require shareholder approval.
The acquisition has a strong strategic and financial rationale, is expected to be immediately earnings enhancing and will be transformational for Maintel. The addition of Azzurri is expected to provide the Company with enhanced scale and visibility, an attractive customer base, a broader product offering and allow further capability expansion. Total annualised cost synergies of £4.6 million are expected by the end of full year 2017.
The transaction was led by Christian Maher, Managing Partner and Chris Brooks, Managing Director, who were supported by Zishaan Arshad, Assistant Director, Victoria Boxall, Assistant Director, Marc Horn, Senior Associate, Simon Porter, Analyst and Hannah Dodds, Investor Relations Manager. Oakley acted as the sole financial adviser to Maintel on the M&A side, running the entire process from end-to-end; on the equity fundraise, Oakley’s ECM team advised alongside finnCap.
Christian Maher commented:
“We are immensely proud to have advised Maintel, a longstanding client of Oakley’s, on this landmark transaction in the dynamic managed communication landscape. The combination of our M&A and ECM capabilities to deliver a reverse takeover funded by an equity and debt raise is testament to the team’s breadth and experience.”
For more information, please contact:
Christian Maher – Managing Partner
Chris Brooks – Managing Director
Zishaan Arshad – Assistant Director
Victoria Boxall – Assistant Director
Hannah Dodds – Investor Relations Manager
020 7766 6900
*Completed as Oakley Capital Corporate Finance