Two-step mergers grow with Brazil deal

Author: Danielle Myles | Published: 9 Jan 2012

Brazil’s first mid-market investment into the US has used the increasingly popular top-up option to close the two-step merger.

IT service company Stefanini’s acquisition of TechTeam Global for $93.4 million illustrates the recent preference of cashed-up strategic buyers to minimise competitive bids by using the revitalised takeover structure.

"Tender offers achieve faster closing," said Diane Frankle, a DLA Piper partner who acted for the buyer. "If you’re doing a cash transaction this really is the structure of choice as it’s the fastest way to get from a signed agreement to a closing."

The Brazilian buyer achieved the quickest outcome possible, completing the deal 20 business days after its launch. The merger...


close Register today to read IFLR's global coverage

Get unlimited access to IFLR.com for 7 days*, including the latest regulatory developments in the global financial sector, updated daily.

  • Deal Analysis
  • Expert Opinion
  • Best Practice

register

*all IFLR's global coverage published in the last 3 months.

Read IFLR's global coverage whenever and wherever you want for 7 days with IFLR mobile app for iPad and iPhone

"The format of the Review has changed over the years; the high quality of its substantive content has not."
Lee C Buchheit, Cleary Gottlieb

register