Travers Smith has advised long-standing client Volex plc ("Volex") on a £60 million cashbox placing, REX retail offer, and amended debt financing in connection with the proposed €178.1 million acquisition of Murat Ticaret Kablo Sanayi A.Ş. ("Murat Ticaret"), a Turkey-headquartered leading manufacturer of complex wire harnesses.
Volex is a leading specialist integrated manufacturer of critical power and data transmission products, serving a diverse range of markets and customers, with particular expertise in cable assemblies, higher-level assemblies, data centre power and connectivity, electric vehicles and consumer electricals power products. Volex is headquartered in the UK and operates from 19 manufacturing locations with a global workforce of over 8,000 employees across 22 countries. The acquisition of Murat Ticaret represents a significant step in broadening Volex's product offering and customer base, expanding its manufacturing footprint, and further diversifying the Group.
Completion of the acquisition is expected to occur in two to three months, subject to approval by the Turkish and Macedonian competition authorities.
The Travers Smith team on this transaction was led by our Head of Corporate Spencer Summerfield and Corporate Partner Tom Coulter, supported by Senior Associate Fabian McNeilly, Associate Marie Morazzani and Trainee Katherine Duffy. The team also included specialist advice from Finance Partner Katie McMenamin, and Associates Shehan Canagasingham and Fiona Cantlay, US Securities Partner Brent Sanders and Associate Kristen Roth, Tax Partner Madeline Gowlett and Senior Associate Kyle Rainsford.
Spencer Summerfield commented: "It has been a pleasure working with the Volex team again to help support it taking a significant step in achieving its stated five-year plan, in line with Volex's strategy of organic growth, supplemented by value-enhancing M&A. We look forward to continuing to support Volex on this growth journey."
HSBC Bank plc acted as Joint Global Co-ordinator and Joint Bookrunner. Peel Hunt LLP acted as Nominated Adviser, Joint Global Co-ordinator and Joint Bookrunner.
