Steele Raymond LLP handles Verrus sale Leading South Coast solicitors Steele Raymond LLP have acted in the recent acquisition of Verrus Mobile Technologies and Verrus UK by online payment firm PayPoint for a total consideration of up to £33 million.Steele Raymond LLP acted as lead advisor to the shareholders of Verrus UK.Fasken Martineau, a Canadian Law Firm acted for the shareholders of Verrus Mobile Technologies.International law firm Freshfields acted on behalf of PayPoint.
Verrus is a leading international provider of services to parking authorities which allows drivers to use their mobile phones to pay for their parking by credit or debit card.It operates under the Verrus and PayByPhone brands and has contracts in the UK, France, Canada and the United States. www.paybyphone.co.uk
Nick Morant, Managing Partner of Cormorant Corporate Finance LLP & a shareholder in the Company said: “We have worked very closely with the team at Steele Raymond LLP from the initial structuring of Verrus UK in 2004 through to its sale this year. Over the last five years Steele Raymond LLP’s work has encompassed the original joint venture negotiations and Enterprise Investment Scheme structuring, commercial contract negotiations, equity and debt fund raisings, further international joint venture negotiations and employment issues.”
“The eventual sale was highly complex involving as it did the cross border merger of UK and Canadian companies with different shareholder groups together with the on-sale of the combined entity to PayPoint. The sale transaction required input from various specialist teams at Steele Raymond LLP who worked closely together to assist in bringing the sale to a successful conclusion.”
He adds: “We are delighted to have achieved this important and strategic sale of Verrus. The M&A team at Steele Raymond LLP handled a highly complex transaction very professionally.Without doubt, they played a key role in helping us successfully complete the acquisition”.
Paul Longland, Corporate Partner at Steele Raymond LLP who led the takeover team said: “I am delighted that we have been able to assist in this strategic move for Verrus and demonstrate our ability to handle complex international transactions through a dedicated team of specialist lawyers.We wish everyone at Verrus and PayPoint every success for the future”.
