DLA Piper advised on Ansarada DealMakers Deal of the Year Award winner
DLA Piper acted as legal advisor to Barloworld in its acquisition of Tongaat Hulett’s starch business, which transaction received the Deal of the Year award at the Ansarada DealMakers Annual Awards on 23 February 2021.
Announced in February 2020, Barloworld’s R5,35 billion acquisition provides it with an opportunity to develop and grow its portfolio. Half way through 2020, and as a result of the impact of COVID-19 on company earnings, Barloworld issued a Material Adverse Change (MAC) notice to Tongaat, increasing the complexity of the transaction. The final determination was that a MAC had not occurred and the deal was closed at the end of October. The disposal price was adjusted to R5,26 billion.
Johannes Gouws, Country Managing Partner at DLA Piper said: We are delighted and incredibly proud to have acted on this award winning transaction. It truly is a testament to the strength of our cross practice offering to clients and underlines why DLA Piper has remained in top position for 11 years in the annual MergerMarket M&A rankings, for deal volume.