Shepherd and Wedderburn's corporate finance team has acted for the majority shareholders in the sale of QCL Holdings Limited, a fixed wireless broadband company known as Quickline, valuing the business at up to £92.1 million.
The firm's corporate finance lawyers advised shareholders on all aspects of the sale, led by Quickline's majority shareholder, AIM-listed Bigblu Broadband plc, to an investment vehicle to be held 80% by Canadian infrastructure fund Northleaf Capital Partners. The sale was satisfied partly in cash and partly in loan notes with existing shareholders - including Bigblu Broadband - taking 20% of new shares in the venture, with £18 million of the price contingent on performance under certain contracts over the period to May 2022.
The Shepherd and Wedderburn team, led by corporate finance Partner George Frier, with support from Senior Associate Jen Paton and teams based in its Glasgow and London offices, finalised the transaction on 10 June. The deal was initially announced on 22 April, subject to conditions now satisfied.
Frank Waters, Chief Financial Officer at Bigblu Broadband, who is remaining on the QCL board, said: "We are pleased to confirm the completion of the sale of Quickline which is the latest chapter in its development and involved tight timeframes and coordination of banks and multiple parties. We would like to thank George and the wider team at Shepherd and Wedderburn, our longstanding legal advisers, who provided superb support and insight into what was a complex deal with multiple parties but a great outcome for all."
Commenting on the deal, lead partner George Frier said: "It is great to see realisation of this deal, which was delivered to a demanding timetable. It marks the latest in a series of M&A and investment deals where we have supported the Bigblu team."