Allens Arthur Robinson’s (Allens) Sydney, Singapore and Hong Kong offices have advised UK defence group BAE Systems on its offer to acquire Norkom Group PLC, a Dublin-based provider of innovative counter fraud and anti-money laundering solutions.
BAE Systems already owns Detica NetReveal, a provider of fraud prevention systems to clients such as Zurich Insurance Company Ltd, and any Norkom takeover would see BAE Systems strengthen its industry standing.
The offer, which has been recommended by the Norkom board, is to acquire the entire issued share capital of Norkom for €2.1 per share in cash, which values the business at approximately €217 million.
Expected to complete later this year, the new deal is subject to standard terms and conditions, including approval from Norkom’s shareholders.
Allens Hong Kong-based Partner David Wenger said the proposed acquisition of Norkom is consistent with his client’s growth strategy.
‘We were very pleased to assist BAE with this acquisition, which is significant both in terms of the size of the transaction and its strategic fit within the existing business,’ Mr Wenger said.
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