Sale of asset management contract to Guggenheim Group (£Undisclosed)
About the client:
Akur Capital
About the transaction:
The sale of Akur’s asset management contract to the Guggenheim Group was the culmination of a significant turnaround in the operation and scale of Infrastructure India plc, from a sub scale infrastructure fund, to one which almost quadrupled in size under Akur’s management to approximately £170m market capitalisation and over £250m enterprise value. Akur spent over three years working on the project and was proud to conclude the sale of the asset management contract to such a well-known and respected group.
Cayetano is a developer of online casino and mobile games, supplied to gaming operators. Founded in 2009, games built by its team of developers based in Sofia, Bulgaria are licensed to some of Europe’s largest gaming operators.
About the transaction:
Akur was brought into the process by the founder and CEO of Cayetano following an unsolicited approach by Paddy Power Plc, Cayetano’s first client, seeking to have an exclusive in-house slot games development team.
Akur’s advice contributed to Cayetano extracting an attractive consideration from Paddy Power
NBPOL is the world leader in the production of sustainable palm oil, from its extensive plantations in Asia. Akur (and the partners at Akur) advised NBPOL during its IPO in December 2007 on the Main List of the London Stock Exchange, when it was valued at c.£380m all the way through to its eventual takeover in 2014 by Sime Darby for £1.1bn – no further equity was issued during the period NBPOL was listed.
About the transaction:
Akur led the refinance of a significant acquisition loan of c.$175m from Standard Chartered into a long term facility of $240m from OCBC.
US$240m acquisition, reverse takeover, and associated £33m equity fundraise
About the client:
Infrastructure India is an AIM listed, closed-end investment company focused on Indian infrastructure assets in the energy and transport sectors. Prior to the transaction, the company’s assets comprised a 6.84% interest in a run-of-the-river hydroelectric power project valued at £21.4m (as at 31 March 2011) and 26% interest in a toll road in central India valued at £29.4m (as at 31 March 2011). The company’s market capitalisation prior to the transaction was c.£26m, which rose to c.£167m immediately following the transaction.
About the transaction:
Infrastructure India entered into an agreement with Guggenheim Infrastructure Company Limited to acquire interests in a diversified range of income producing and in-development hydro-electric power assets and container infrastructure assets in India with a combined value of US$240m. The company undertook a £33m equity fundraise immediately prior to the acquisition. The acquisition comprised a reverse takeover under the AIM Rules and gave rise to certain considerations under the Takeover Code.
Akur, as Asset Adviser, led the negotiation of the acquisition and advised on the equity fundraising on behalf of Infrastructure India and members of the Akur team provided advice to the company in relation to its obligations under the AIM Rules and the Takeover Code. The members of the Akur team had acted for Infrastructure India since its inception in 2008.
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