NEW YORK, July 21, 2021 /PRNewswire/ -- DLA Piper has
advised Learning Technologies Group (AIM: LTG.L), a UK-based
provider of services and technologies for digital learning and
talent management, on its acquisition of GP Strategies Corporation
(NYSE: GPX), a US-based global workforce transformation solutions
provider.
Learning Technologies Group will acquire GP Strategies for
US$20.85 per GP Strategies share in
cash, representing a market capitalization of approximately
US$394 million. The transaction,
which remains subject to regulatory approval, is expected to close
in Q4 of 2021. The consideration for the acquisition will be
part-funded by a placing of new ordinary shares, which were
admitted to trading on July 20, 2021,
raising GBP85 million, with the
balance being part-funded by up to US$305 million in incremental debt financing
(of which US$40 million is to be repaid from GP
Strategies' cash shortly after the acquisition) and out of existing
cash resources.
The acquisition of GP Strategies by Learning Technologies Group
provides a strong complementary offering to LTG's existing
portfolio and creates an enhanced holistic proposition for clients
to help capture long-term structural growth opportunity in the
learning and talent management global marketplace.
The DLA Piper cross-border team was led by Corporate partner
Charles Severs in the UK and
Jonathan Klein in the US. The team
also included partners Victoria
Rhodes, Martin Penn and
Matthew Christmas, legal director
Karin Kirschner, senior associate
Alexander Yeramian and associates
James Croft and Alex Stone in the UK and partners J.A.
Glaccum (Houston),
Richard Ashley (Chicago), Brad
Jorgenson (Austin),
Ignacio Sanchez (Washington, DC), Paolo
Morante (New York), Ute
Krudewagen (Silicon Valley) and William
Bartow (Philadelphia); of
counsel Angeline Chen and
Nicholas Klein (both of Washington, DC); and associates Melissa Sampson, Clayton
Culler, Christine Daya (all
of Washington, DC), Kenneth Duncan (New
York), Mary Claire Blythe
(Baltimore) and Priya Narahari (Philadelphia).
Corporate partner Charles Severs
said: "LTG is a driven, focused and very active business and DLA
Piper is delighted to have had the opportunity to work with the LTG
team on this transaction, advising on the equity, debt and M&A
aspects."
"Our strong cross-border team, deep experience in tech sector
M&A and broad global platform all contributed to the success of
this transaction," said Jonathan
Klein, chair of DLA Piper's US Mergers and Acquisitions
practice.
With more than 1,000 corporate lawyers globally, DLA Piper helps
clients execute complex cross-border transactions seamlessly while
supporting clients across all stages of development. The firm has
been rated number one in global M&A volume for 11 consecutive
years, according to Mergermarket.
DLA Piper's global Technology sector lawyers work across
practice areas and offices to support technology clients – from
startups to fast-growing and mid-market businesses to mature global
enterprises – doing business around the world.
About DLA Piper
DLA Piper is a global law firm with lawyers located in more than 40
countries throughout the Americas, Europe, the Middle
East, Africa and
Asia Pacific, positioning us to
help clients with their legal needs around the world. In certain
jurisdictions, this information may be considered attorney
advertising. dlapiper.com
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SOURCE DLA Piper
