Equiniti receives DFS approval for acquisition by Earth Private Holdings
Equiniti Group PLC (LON:EQN) today announced that another step towards the completion of its acquisition by Earth Private Holdings Ltd – a newly-formed company owned by funds
managed or advised by Siris Capital Group, LLC, has been made.
Leet’s recall that, in April this year, EQ said it received a revised cash offer for its entire issued and to be issued ordinary share capital. It is intended that the acquisition will be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006.
The acquisition was conditional, inter alia, on the New York State Department of Financial Services (DFS) approving or waiving any applications, filings and notices, as applicable, as may be required in connection with the acquisition. EQ and Bidco today announce that approval from the DFS has now been received and this condition has therefore been satisfied.
Approval from the UK Financial Conduct Authority (FCA) was received on 4 November 2021 and as such, the Regulatory Conditions set out in paragraphs 3.2 and 3.3 of Part 1 of Part IV of the Scheme Document have now been satisfied.
Whilst all of the Regulatory Conditions have now been satisfied, completion of the Acquisition remains subject to the waiver or satisfaction of the remaining Conditions set out in paragraph 3 of Part 1 of Part IV of the Scheme Document including (but not limited to) the Court sanctioning the Scheme at the Scheme Court Hearing.