Pinsent Masons advises Abbot Group plc on its £900 million public takeover by Turbo Alpha Limited
19 December 2007
International law firm Pinsent Masons has advised the Company and the independent directors of Abbot Group plc ("Abbot"), the international operator of mobile drilling units, on the recommended public takeover offer, to be implemented by means of a scheme of arrangement, for the entire issued and to be issued share capital of Abbot by Turbo Alpha Limited ("Turbo Alpha"), a newly incorporated company formed at the direction of a fund advised by First Reserve Corporation (the "Transaction").
Under the terms of the Transaction, Abbot Shareholders will be entitled to receive 390 pence in cash for each Abbot share held. The Transaction values Abbot at approximately £900 million and the total enterprise value of the Transaction is approximately $3 billion.
The Pinsent Masons team advising Abbot was led by Corporate Partners Alan Farkas and Sean Page, assisted by Associate, Hannah Brader.
Alan Farkas commented: "We are delighted to have advised our long-standing client Abbot on such a significant transaction, one of the largest on which the Pinsent Masons' corporate team has advised to date. We look forward to assisting the Company and the independent directors in bringing this Transaction to a successful completion in 2008."
For further information please contact:
Unni Schmidt
PR Adviser
Pinsent Masons,
Unni.Schmidt@pinsentmasons.com
DDI: 020 7418 7009
Mob: 07824 569324
Notes to Editors
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