Citrus UK Bidco Limited’s £138.7 Million Recommended Cash Offer For easyHotel plc


Ashurst advised Lazard & Co., Limited in relation to the £138.7 million recommended cash offer for easyHotel plc by Citrus UK Bidco Limited (a newly incorporated company formed on behalf of a consortium of Cadim Fonds Inc., part of Ivanhoe Cambridge and ICAMAP Investments Sà r.l.

As at 5 August 2018, ICAMAP owned 38.65% of easyHotel’s issued share capital at such date having invested an aggregate of £58 million directly into easyHotel through two placings in 2016 and 2018, in which it provided most of the capital easyHotel was seeking to raise.

Lazard is acting as sole financial adviser to Bidco in relation to the offer.

easyHotel is the owner, developer, operator and franchisor of branded hotels. Its strategy is to target the super budget segment of the hotel industry by marketing “clean, comfortable and safe” hotel rooms to its customers. easyHotel’s 12 owned hotels currently comprise 1,340 rooms, and it has a further 26 franchised hotels with 2,293 rooms. easyHotel’s committed development pipeline of owned and franchised hotels currently consists of 9 owned hotels and 8 franchised hotels.

Lazard is a financial advisory and asset management firm that engages in investment banking, asset management, and other financial services primarily with institutional clients. It is the world’s largest independent investment bank.

The Ashurst team was led by partner Karen Davies (Picture), assisted by associates Jake Hadfield and Nick Lever.

Involved fees earner: Karen Davies – Ashurst; Jake Hadfield – Ashurst; Nick Lever – Ashurst;

Law Firms: Ashurst;

Clients: Lazard;