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Freshfields Bruckhaus Deringer and Travers Smith have advised on CSG Systems’ offer for UK business support services (BSS) provider Intec Telecom Systems.
Freshfields advised new client CSG, a US-based provider of customer management and billing solutions, on the deal, working closely with the company’s legal chief Joseph Ruble.
Travers advised Intec, with former Freshfields lawyer Richard Spedding leading. Spedding joined Travers from Freshfields in 1999, becoming a partner in Travers’ corporate finance and M&A practice in 2003.
Intec is a longstanding Travers client. In 2004 the firm advised the company on an £18.1m placing and open offer and its $74.5m (£47.04m) acquisition of Singl.eView, the retail billing software division of ADC Telecommunications. The fundraising was made to give the company working capital for the acquisition.
The Freshfields team was led by London corporate partners Mark Rawlinson, Piers Prichard Jones and Andrew Hutchings and included Washington DC-based antitrust partner Tom Ensign.
Prior to the acquisition CSG raised funds in the US to finance the deal. It turned to Davis Polk & Wardwell for advice on the financing.
Under the terms of the deal CSG has made an offer to acquire Intec’s entire issued and to-be-issued share capital for a total of £236.7m. It is expected that the deal will complete by the end of this year.
The acquisition is designed to strengthen CSG’s position in the BSS market and provide greater scale. CSG is being well capitalised to enable it to pursue both organic and inorganic growth opportunities.