DLA Piper has advised Learning Technologies Group (AIM: LTG.L), a UK-based provider of services and technologies for digital learning and talent management, on its acquisition of GP Strategies Corporation (NYSE: GPX), a US-based global workforce transformation solutions provider.
Learning Technologies Group will acquire GP Strategies for US$20.85 per GP Strategies share in cash, representing a market capitalization of approximately US$394 million. The transaction, which remains subject to regulatory approval, is expected to close in Q4 of 2021. The consideration for the acquisition will be part-funded by a placing of new ordinary shares, which were admitted to trading on July 20, 2021, raising GBP85 million, with the balance being part-funded by up to US$305 million in incremental debt financing (of which US$40 million is to be repaid from GP Strategies' cash shortly after the acquisition) and out of existing cash resources.
The acquisition of GP Strategies by Learning Technologies Group provides a strong complementary offering to LTG’s existing portfolio and creates an enhanced holistic proposition for clients to help capture long-term structural growth opportunity in the learning and talent management global marketplace.
The DLA Piper cross-border team was led by Corporate partner Charles Severs in the UK and Jonathan Klein in the US. The team also included partners Victoria Rhodes, Martin Penn and Matthew Christmas, legal director Karin Kirschner, senior associate Alexander Yeramian and associates James Croft and Alex Stone in the UK and partners J.A. Glaccum (Houston), Richard Ashley (Chicago), Brad Jorgenson (Austin), Ignacio Sanchez (Washington, DC), Paolo Morante (New York), Ute Krudewagen (Silicon Valley) and William Bartow (Philadelphia); of counsel Angeline Chen and Nicholas Klein (both of Washington, DC); and associates Melissa Sampson, Clayton Culler, Christine Daya (all of Washington, DC), Kenneth Duncan (New York), Mary Claire Blythe (Baltimore) and Priya Narahari (Philadelphia).
Corporate partner Charles Severs said: “LTG is a driven, focused and very active business and DLA Piper is delighted to have had the opportunity to work with the LTG team on this transaction, advising on the equity, debt and M&A aspects.”
“Our strong cross-border team, deep experience in tech sector M&A and broad global platform all contributed to the success of this transaction,” said Jonathan Klein, chair of DLA Piper’s US Mergers and Acquisitions practice.
With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex cross-border transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 11 consecutive years, according to Mergermarket.
DLA Piper's global Technology sector lawyers work across practice areas and offices to support technology clients – from startups to fast-growing and mid-market businesses to mature global enterprises – doing business around the world.