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Addleshaw Goddard has advised Tiscali UK Holdings for the first time, working on its £210m acquisition of Pipex Communications’ broadband and phone businesses.
Tiscali is a new client for Addleshaws, with the firm winning the instruction following a tender. Addleshaws’ corporate partner James Dawson led the team acting for Tiscali, the first major deal he has led on since joining the firm from Linklaters earlier this year. Dawson had acted for the company while at Linklaters.
Other team members acting for Tiscali included technology and outsourcing partner Craig Rattray and associates Marcus McConnell, Zoe Hammond and Nicola Marsden.
An SJ Berwin team acted for Pipex, led by corporate finance partner Jonathan Djanogly.
The deal saw Tiscali take over Pipex’s 650,000 phone clients and 570,000 broadband customers, boosting Tiscali’s number of broadband users to just under two million. This brings Tiscali close to Carphone in terms of customer numbers with British Telecom and Virgin not far ahead.
The purchase, which is subject to approval from Pipex’s shareholders as well as the Office of Fair Trading, is being financed through a EUR 650m (£436m) credit line from Intesa Sanpaolo and JP Morgan. This can be partially refinanced by EUR400m (£268m) in debt capital and up to EUR150m (£100m) in a capital increase.