Taylor Wessing advises Ambition Group on the acquisition of Witan Jardine
A team from Taylor Wessing's Inward Investment and Financial Markets group has advised Sydney-based Ambition Group Limited (listed on the Australian Stock Exchange) on its acquisition of the entire issued share capital of Witan Jardine Holdings Limited.
The initial purchase price is £11.5m, with a further payment expected to be made in February 2009, dependent on the results achieved by Witan Jardine for the year-ending 31 December 2008. The additional payment is expected to be in the region of £4.5m.
Ambition Group Limited is a careers, recruitment and contracting group specialising in a number of executive recruitment disciplines, as well as offering executive search capability. It operates from six locations in Australia (including Sydney, Melbourne and Brisbane) and also has offices in Hong Kong and Singapore. Although Ambition Group previously had strong links to Europe, this acquisition is significant since it is the group's first formal expansion into Europe.
Taylor Wessing corporate partner Paul Webb commented:
"We were delighted to represent Ambition in relation to this strategic transaction. We have a track record of advising clients in the recruitment sector, and on this occasion we were able to deploy resources from across the firm in order to assist in ensuring a successful outcome."
Nick Waterworth, Executive Chairman of Ambition, said:
"This is a very exciting and significant strategic development for Ambition. We were very pleased to be working with the team at Taylor Wessing, who provided us with an excellent source of legal advice and commercial support."
The Taylor Wessing team which advised on the transaction was led by Paul Webb and included Philip Shepherd and Karolina Plent (Corporate), Camilla Marriott and Charlie Pring (Employment), Anna Johnson, Anthony Metcalfe-Gibson and Nikol Davies (Tax), Simon Lovell (Finance), Dana Shunmoogum and Emma Tracey (Pensions), Graham Hann, Russell Houghton and Kate McGovern (Commercial) and Graham Williams (Real Estate).
The selling shareholders were represented by Bond Pearce.
Notes to editors
For more information please contact Sarah le Cheminant at Taylor Wessing:
Tel: +44 (0)20 7300 4930
Email: s.lecheminant@taylorwessing.com
Taylor Wessing LLP is a leading law firm providing legal support for commercial organisations doing business in Europe. Based in Belgium, France, Germany and the UK, Taylor Wessing provides the full range of legal services to major corporations and growing enterprises. Taylor Wessing boasts a strong reputation in the corporate, finance and real estate sectors alongside in-depth experience across the full range of legal services including intellectual property and technology, tax, litigation & dispute resolution, employment & pensions and private client.