Davis Polk is advising Charles Taylor plc in connection with a recommended cash offer for its entire share capital by a bidco formed on behalf of funds advised by Lovell Minnick Partners LLC and its affiliates. The recommended cash offer values the entire share capital of Charles Taylor at approximately £261 million. The offer is being financed by equity financing from Lovell Minnick funds and debt financing arranged and underwritten by RBC. Pantheon will subscribe a minority indirect interest in the bidco as part of the syndication by the Lovell Minnick funds of their equity funding commitments. The offer, that will be implemented by way of a U.K. scheme of arrangement, is subject to regulatory approvals and other customary conditions. The transaction is expected to complete in early 2020.

Charles Taylor is a global provider of professional services and technology solutions to the insurance market. Dating back to 1884, it now employs approximately 3,100 staff in more than 120 locations spread across 30 countries in Europe, the Americas, Asia-Pacific, the Middle East and Africa. Charles Taylor has been listed on the Official List and traded on the Main Market of the London Stock Exchange since 1996 under the symbol LSE: CTR. Lovell Minnick is a private equity firm focused on investments in the global financial services industry, including related technology and business services companies and that provides buyout and growth capital. Pantheon is a leading global investor in private equity, infrastructure, real estate and debt, owned by the Pantheon partners along with Affiliated Managers Group Inc.

The Davis Polk corporate team includes partners Will Pearce and Dan Hirschovits and associates Joseph Scrace, Jack Kelly and Aya Aboulatta. Partner Jonathan Cooklin and associate Dominic Foulkes are providing tax advice. Counsel Nicholas Spearing and associates Mark Chalmers and Matthew Yeowart are providing regulatory and antitrust advice. All members of the Davis Polk team are based in the London office.

 

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