Tech M&A
Delivering M&A transactions for companies and investors across the tech spectrum.
After a relatively tough 2023 for the tech sector, 2024 is looking healthier. Whilst market uncertainty is likely to continue as interest rates fall slower than expected, M&A activity is likely to increase, driven by distressed M&A, an abundance of PE dry powder, corporates seeking strategic acquisition opportunities and ESG and digital transformations.
Our Tech M&A practice supports clients from across the tech spectrum, ranging from established international global technology platforms, high growth companies and start-ups, or established strategic players looking to use M&A to accelerate their digital transformation. We are renowned experts on all types of corporate transactions, including mergers, acquisitions, disposals, joint ventures, venture capital and growth equity investments and fundraisings, carve-outs and bolt-ons, merger clearance, take-privates and IPOs.
Key experience
We advised Activision Blizzard, Inc., a leading game developer and publisher, on the UK competition aspects of its USD68.7 billion acquisition by Microsoft Corporation. Following an in-depth investigation, the CMA announced its original decision to block the transaction in April 2023. In August 2023, the parties re-notified a modified version of the deal to the CMA whereby Microsoft would acquire Activision, excluding cloud streaming rights for Activision games outside of the EEA. On 13 October 2023, the CMA announced its decision to clear the modified transaction.
We advised Ascential on the sale of its digital business to Omnicom Group Inc., and the sale of its product design business to Apax Partners, for a combined enterprise value of £1.4 billion and cash proceeds of £1.2 billion. The sales represent the consummation of Ascential’s strategic review, commenced in April 2022 to evaluate the optimal structure for its three distinct businesses (Digital Commerce, WGSN and Events) and to maximise shareholder value.
We supported Arm Holdings plc on its initial public offering on the Nasdaq Global Select Market, which gave Arm a market capitalisation of approximately USD52.3 billion at the completion of the offering of the ADSs on the Nasdaq Global Select Market.
We advised PCCW on the strategic partnership is in relation to Viu International Limited, an OTT video streaming service with a presence across Asia, the Middle East, and South Africa. As a result of the transaction, CANAL+ becomes a significant minority shareholder in Viu. CANAL+ has agreed to make a staggered investment of USD300 million, following an initial investment of USD200 million, CANAL+ holds a 26.1% interest in Viu.
We supported Schneider on the acquisition of Zeigo Ltd, a climate-tech renewable energy platform. The acquisition complements Schneider Electric’s existing digital energy solutions and, combined with Zeigo’s AI and digital offering, further advances Schneider Electric’s market-leading renewable energy advisory services business.
Key Contacts
