Acquisition: Learning Technologies Group plc
Learning Technologies Group plc (LTG) announced it has entered into a conditional agreement to acquire the entire issued and outstanding share capital of GP Strategies for $20.85 per GP Strategies share, representing a market capitalisation of $394 million and an enterprise value of $343 million.
GP Strategies is a leading provider of managed learning services and workforce transformation. The proposed acquisition brings new capabilities and deep sector expertise in high-value industries. It provides LTG with a significant opportunity to expand on its long-term recurring customer relationships, while bringing a large new base of blue-chip customers from GP Strategies.
The consideration and transaction costs for the acquisition are intended to be part-funded by a conditional underwritten placing of new ordinary shares raising approximately £82 million. The balance is part-funded by up to c.$305 million in incremental debt financing (of which $40 million is to be repaid from GP Strategies' cash shortly after the acquisition) and out of existing cash resources.
Crowe acted as the financial and tax due diligence advisors on the transaction. Our transaction services team was led by Mitesh Patelia, George Lawford and Ferdia McCarville.
Crowe's role and team
Client quote
"We are delighted with the team at Crowe and are especially impressed with their ability to support our growth aspirations globally - the team provided proactive and commercial advice and enabled us to execute our strategy efficiently."
Jonathan Satchell, Chief Executive, Learning Technologies Group plc
