For the first half of 2024, TTR Data has selected as a highlighted transaction the takeover bid of I Squared Capital and TDR Capital (Amber EquityCo) for Applus+, through which they have acquired 70.65% of the company for approximately EUR 1.65 bn.

The transaction has been advised by A&O Shearman; Lefosse; Linklaters and Uría Menéndez. On the financial side, the deal was advised by Evercore Partners; J.P. Morgan and PJT Partners.

Finally, on the PR side, the transaction has been advised by LLYC.

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I Squared Capital and TDR Capital acquires 70.65% of Applus+

The winning offer of €12.78 per share has been confirmed by the Spanish National Securities Market Commission (CNMV), initiating the acceptance period for the successful bid shortly thereafter.

Applus is a premier testing, inspection, and certification (TIC) company globally, reporting revenue of €2,058 million in 2023 and employing over 26,000 individuals across 70 countries. Spain contributed 23% of the total revenue. Applus serves three expansive markets: automotive, energy and industry, and laboratories.

Linklaters has counseled a consortium comprising TDR Capital and I Squared Capital with a team formed by Alejandro Meca (partner), Begoña Martínez (partner), Esteban Arza (Partner), Juan Barona (partner), Sebastián Albella (partner), Belén Lavandera Palacios (counsel), Carlos Olmedo Salcedo (managing associate), Francisco García Martin (managing associate), Mario Garcia Garcia (managing associate), Ana María López Guerrero (associate), Gonzalo Sanz Bravo (associate), María Vallejo (junior associate), Miguel Romero Durán (junior associate) and Pablo de Rabassa (associate)

Uría Menéndez has advised Applus+ with a team formed by Alfonso Ventoso del Rincón (partner), Antonio Guerra Fernández (partner), Javier Redonet Sánchez del Campo (partner), José Ignacio Baus Garcés (senior associate) and Bárbara Montanari (associate).

A&O Shearman has counseled Applus+ with partner Iñigo del Val.

Source: Iberian Lawyer - Spain