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...

Web seminars

BRRD and Bail-in
Apr 28 2015 12:00 pm


close Register today to read IFLR's global coverage

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

  • Deal Analysis
  • Expert Opinion
  • Best Practice


*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