King & Wood Mallesons assisted Verra Mobility on the transaction.
Verra Mobility (NASDAQ: VRRM), US transportation technology firm, announced its proposed acquisition of ASX-listed intelligent traffic management company Redflex Holdings Pty Ltd (ASX: RDF) via scheme of arrangement.
The agreement values Redflex at A$0.92 per share, representing a total acquisition price of A$146.1 million.
The cross-border deal unfolded over the Christmas period. It demanded KWM’s remote-working team to navigate regulatory and operational considerations for each market in Redflex’s 10-jurisdiction footprint spanning Asia Pacific, North America, United Kingdom, Europe and the Middle East.
The deal is expected to close in May 2021, subject to regulatory approvals, specific conditions being satisfied, and Redflex shareholders’ support.
As a global company, Arizona-based Verra Mobility serves the world’s largest commercial fleets and rental car companies to manage tolling transactions and violations for millions of vehicles. As a leading provider of connected systems, Verra Mobility processes millions of transactions each year through connectivity with more than 50 individual tolling authorities and more than 400 issuing authorities.
During the past 25 years, Redflex has established itself as a world leader in developing and implementing intelligent traffic management products and services which are sold and managed in the Asia Pacific, North America, United Kingdom, Europe and Middle East regions.
Partners Lee Horan (Picture) and Mark McNamara led the KWM team, supported by Senior Associate Genovieve Lajeunesse and solicitor Emma Warner. A Gresham Partners team led by Darren MacGregor provided financial advice.
Law Firms: King & Wood Mallesons;
Clients: Verra Mobility;