Business Clients - Selling separate business structures to one buyer
Our clients were selling three insurance businesses.
Our clients’ companies had separate structures, which posed a difficult issue in selling to one buyer. These arrangements were subject to changes for tax reasons and practical requirements by the buyer.
Account had to be taken of employees in the various businesses and plans for ongoing consultancy positions for some of our clients. The consideration on the sale varied amongst our clients depending on their future plans.
We helped our clients negotiate the best deals for them, taking account of the tax advice and practical issues raised by the buyer. The complexity of the matter required three separate agreements across the different companies. Each agreement reflected the deal according to that company.
We worked with each individual client to achieve the optimum arrangements for them, whether that be retirement or a future in the new entity. We assisted our clients in negotiating their consultancy arrangements, ensuring the terms agreed were favourable to our clients and integrated properly with the deal as a whole.
Our advice covered the varying aspects of, amongst other things, TUPE implications of the sale and procedures for transferring employees to the buyer We also assessed the issues of personal liability and warranties for our clients.
What the outcome means to the client
This was a significant transaction in financial terms and our clients’ were extremely pleased that we were able to handle the complexities of it with expertise and ease.
For advice on business services please contact a member of the team.