Travers Smith LLP has advised the second Basalt Infrastructure Partners fund on its acquisition of the entire issued share capital of AIM-listed Manx Telecom plc (Manx Telecom).
The recommended cash acquisition, which was effected by a scheme of arrangement that became effective on 9 May 2019, valued Manx Telecom at approximately £255.9 million.
Manx Telecom is the Isle of Man’s leading communication solutions provider. It owns and operates the vast majority of fixed and mobile telecommunications infrastructure on the island and offers a wide range of fixed-line, broadband, mobile and data centre services to businesses, consumers and the public sector.
Basalt is an infrastructure equity investment fund focusing on investments in the key sectors of energy, transportation, telecommunication and utility assets across Europe and North America.
The Travers Smith team was led by Head of Corporate, Spencer Summerfield, with support from Senior Corporate Associate Andrew Gofton-Salmond, and Corporate Associates Simon Inder and Vicky Robinson. Banking advice was provided by Head of Finance, Matt Ayre, with support from Finance Senior Associate Jonathan Clapshaw and Finance Associate Jason Larkins. Employee Incentives advice was provided by Head of Incentives & Remuneration, Mahesh Varia, with support from Senior Associate Kevin Donegan.