DLA Piper Discloses Towergate Influence

by Stewart Douglas

Story link: DLA Piper Discloses Towergate Influence

Leading corporate law firm DLA Piper has today announced that they played an instrumental role in Towergate’s acquisition of The Broker Network, drafted in as legal advisers to the move worth in excess of £95 million made yesterday.

The top-flight law firm has a previous track record in managing and advising corporate strategy and large scale financial deals.

Drafted to provide consultancy services and advise on the potential legalities arising from the move, DLA Piper would have been required to have an input into the drafting of the agreements between both boards of directors, as well as the way to approach the deal made by the two camps.

Whilst the deal has been agreed at board level however, it does still require support by a majority of shareholders at The Broker Network and Towergate in order to grant authority to the respective boards to proceed with the 605p a share transaction.

Speaking today on the firm’s involvement, DLA Piper Corporate Partner Mel Sims said that Towergate had had a busy twelve months in the transactions market, and DLA Piper were proud to be a part of the company’s ongoing expansion.

The move by Towergate for The Broker Network is further evidence of the firm’s intentions to continue its aggressive expansion strategy over the coming years, following an earlier acquisition of Open GI in what was its most substantial move to date.

Given the current fincial market conditions, it will be interesting to see whether Towergate’s expansion policy will continue at its current pace into 2008.