advised PMP Limited (PMP) in its agreement to merge with IPMG Group (IPMG), a fellow printing and digital services provider, in an all-scrip deal with a combined value of A$120 million.
On completion of the transaction, PMP will acquire 100% of IPMG and issued PMP shares to IPMG shareholders who will together hold a maximum 37% interest in the listed company.
The transaction – which gives IPMG the right to nominate two directors to join the PMP board – results in a consideration value of approximately $119 million.
The deal is subject to a number of conditions, including approval by the PMP shareholders, and is expected to close in January 2017.
The merger is expected to deliver approximately $40m per annum of pro-forma cost synergies across the combined group and creates a listed firm with an EBITDA of $112 million.
The merger will ensure that PMP are better placed to address the significant challenges facing the Australian printing industry, due to changes in demand, said Ashurst.
The Ashurst team was led by partner Anton Harris (Corporate), assisted by senior adviser Bill Koeck, senior associates Genovieve Lajeunesse, Scott Lai and Michael Orban, lawyers Ellen Zhang, Sagar Sritharan, James Sin and Alli Clark and graduate Adelle Elhosni (Corporate); partners Jennifer Schlosser and Shawn Wytenburg, senior associates Eugene Ng, Chug Wing Yeung and Wendy Ho, and lawyers David Walker, Andrew Williams and Matthew Churkovich (Banking); partner Jennie Mansfield, lawyer Mitchell Robertson and consultant David Sefton (Employment); partner Rehana Box, senior associate Philip Hopley and lawyer Marie Vlassis; partner Anita Cade and senior associate Maria Sun (Intellectual Property); partner Andrew Deane, senior associate Kitty Vo and graduate Diana Oh; and partner Tony Hill, senior associate Rachel Daniel and lawyer Samuel Allam.
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