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JULY 2013
Transactions
121
AUSGRoUP Ltd ACQUIRES MALAYSIAn ASSEtS oF ISKAndAR MALAYSIA
Leading Australian construction service provider to the resources, energy and industrial sectors, AusGroup Limited, has entered into a conditional Sale and Purchase Agreement (SPA) under which the Company has agreed to purchase 100% of the share capital in Kebun Sedenak Sdn Bhd and 100% of the share capital in tropik Sentosa Sdn Bhd (collectively the target Holding Companies).
The signing of the SPA is a key step in the proposed demerger of AusGroup’s subsidiaries into a 100%-owned subsidiary, which is intended to be listed on the Australian Securities Exchange (ASX), and a proposed Reverse Take Over of AusGroup Limited involving the acquisition of the Target Holding Companies.
The purchase consideration under the SPA will be via the issue of new ordinary shares in the capital of AusGroup Limited, which remains listed on the Singapore Exchange (SGX).
The Target Holding Companies and their subsidiaries are in the business of the development, management and operation of resort homes, condominiums, hotels and commercial and residential developments. The Target Holding Companies between them own considerable freehold land in Malaysia upon which they propose to develop a master-planned golf resort.
Completion under the SPA is conditional upon the satisfaction of certain conditions, including the approval of SGX and AusGroup Shareholders. LM
GMt CoMMUnICAtIonS
PARtnERS And VERonIS SUHLER StEVEnSon InVEStS In It-ERnItY
GMt Communications Partners (“GMt”), the European media and communications focused private equity group, together with Veronis Suhler Stevenson (“VSS”), a private equity firm that invests in the information, education, media, marketing and business services industries in north America and Europe, have teamed up with Management to provide growth capital to It-Ernity, a provider of business critical managed services and shared hosting for SMEs in the netherlands.
Founded in 2002 by its Managing Director, Sebastiaan de Koning, and R&D Manager Tom Pfeifer, IT-Ernity offers a comprehensive catalogue of standardised fully managed solutions, including system administration, protection, security, application management and other outsourcing services.
Sebastiaan De Koning, Managing Director of IT-Ernity commented: “This investment will give us the financial and strategic resources we require to take IT-Ernity to the next stage of its development. We have been fortunate over the past 11 years to have established a team of committed and highly skilled individuals, and I look forward to building on our successes to date alongside GMT and VSS.”
CloudOrigin provided the IT and Operational Due Diligence, working closely with the Commercial DD partner and advising the finance, insurance and legal workstreams. We worked with GMT from investment thesis stage through to briefing the banking partners early in the process and clearly explained IT-Ernity market position and strengths in a segment often obscured by hyperbole.
Richard Hall, Chief Executive and founder of CloudOrigin, led the company’s work on the transaction, bringing its sector specific knowledge of the European datacentre, cloud computing and software as a service market to the fore. LM
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Iskandar Malaysia
IT-Ernity