Ashurst advised NatWest Markets plc, Lloyds Bank plc and Ulster Bank Ireland DAC on €300 million underwritten term and revolving facilities for Applegreen plc, a major petrol forecourt retailer headquartered in Ireland, to be used to finance its proposed acquisition of a majority stake in Welcome Break and to refinance existing facilities.
Applegreen has entered into an agreement with NIBC Infrastructure Partners to acquire its 55% stake in Welcome Break for €361.8 million. Applegreen has also entered into a separate conditional agreement with Arjun Infrastructure Partners (the current 45% shareholder of Welcome Break) with a view to providing Applegreen with enhanced operational influence over Welcome Break following its acquisition of the 55% NIBC stake.
The acquisition, which constitutes a reverse takeover under the AIM and ESM Rules, will also be part financed through a proposed €100 million equity fundraising. The equity fundraising has been fully underwritten to the value of €140 million by Goodbody and Shore Capital on a standby basis.
Ashurst fielded a cross practice and cross border team, led by banking partner Nicholas Moore (Picture), assisted by senior associate Campbell Johnston and associate Carly Gilligan Martyn. The corporate team was led by partner Karen Davies, assisted by senior associate Braeden Donnelly and associate Alli Clark. The New York team was led by banking partner Michael Neary, assisted by associate Nirali Shah. Tax advice was provided by partner Paul Miller, assisted by associate Martin Voelker, with pensions advice provided by counsel John Gordon. Banking partner James Collis and senior associate Joyce Teh also assisted.
Involved fees earner: Alli Clark – Ashurst; James Collis – Ashurst; Karen Davies – Ashurst; Braeden Donnelly – Ashurst; Carly Gilligan Martyn – Ashurst; John Gordon – Ashurst; Campbell Johnston – Ashurst; Paul Miller – Ashurst; Nicholas Moore – Ashurst; Michael Neary – Ashurst; Nirali Shah – Ashurst; Joyce Teh – Ashurst; Martin Voelker – Ashurst;
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