PR Newswire
NEW YORK , July 21, 2021 /PRNewswire/ -- DLA Piper has advised Learning Technologies Group (AIM: LTG.L), a UK-based provider of services and technologies for digital learning and talent management, on its acquisition of GP Strategies Corporation (NYSE: GPX), a US-based global workforce transformation solutions provider.
Learning Technologies Group will acquire GP Strategies for US$20.85 per GP Strategies share in cash, representing a market capitalization of approximately US$394 million . The transaction, which remains subject to regulatory approval, is expected to close in Q4 of 2021. The consideration for the acquisition will be part-funded by a placing of new ordinary shares, which were admitted to trading on July 20, 2021 , raising GBP85 million , with the balance being part-funded by up to US$305 million in incremental debt financing (of which US$40 million is to be repaid from GP Strategies' cash shortly after the acquisition) and out of existing cash resources.
The acquisition of GP Strategies by Learning Technologies Group provides a strong complementary offering to LTG's existing portfolio and creates an enhanced holistic proposition for clients to help capture long-term structural growth opportunity in the learning and talent management global marketplace.
The DLA Piper cross-border team was led by Corporate partner Charles Severs in the UK and Jonathan Klein in the US. The team also included partners Victoria Rhodes , Martin Penn and Matthew Christmas , legal director Karin Kirschner , senior associate Alexander Yeramian and associates James Croft and Alex Stone in the UK and partners J.A. Glaccum ( Houston ), Richard Ashley ( Chicago ), Brad Jorgenson ( Austin ), Ignacio Sanchez ( Washington, DC ), Paolo Morante ( New York ), Ute Krudewagen (Silicon Valley) and William Bartow ( Philadelphia ); of counsel Angeline Chen and Nicholas Klein (both of Washington, DC ); and associates Melissa Sampson , Clayton Culler , Christine Daya (all of Washington, DC ), Kenneth Duncan ( New York ), Mary Claire Blythe ( Baltimore ) and Priya Narahari ( Philadelphia ).
Corporate partner Charles Severs said: "LTG is a driven, focused and very active business and DLA Piper is delighted to have had the opportunity to work with the LTG team on this transaction, advising on the equity, debt and M&A aspects."
"Our strong cross-border team, deep experience in tech sector M&A and broad global platform all contributed to the success of this transaction," said Jonathan Klein , chair of DLA Piper's US Mergers and Acquisitions practice.
With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex cross-border transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 11 consecutive years, according to Mergermarket .
DLA Piper's global Technology sector lawyers work across practice areas and offices to support technology clients – from startups to fast-growing and mid-market businesses to mature global enterprises – doing business around the world.
About DLA Piper
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SOURCE DLA Piper