Wragge & Co’s public companies team has completed the reverse takeover of AIM-quoted cloud service provider Nasstar.
A team led by partner Julian Henwood advised the majority shareholders of Denara Holdings on its acquisition by Nasstar for an aggregate consideration of £13m.
This comprised £9m in cash and £4m in new Nasstar shares. In order to fund the cash consideration, Nasstar raised £10.5m through a share placing.
The deal sees three Denara directors — David Redwood (deputy chairman), Nigel Redwood (chief executive officer) and Niki Redwood (finance director) — join the Nasstar board, alongside current chairman Lord Peter Daresbury.
Headquartered in Telford, Denara is a holding company for its sole operating subsidiary, e-know.net, a hosted desktop and managed services provider. Its majority shareholders are members of the Redwood family, who founded e-know.net, NVM Private Equity and a Belgian investment fund.
Corporate director Ragi Singh supported Julian Henwood. Partner Neil Pearson and associate Paul Harrington provided tax advice. Partner Phil Clissitt and solicitor Jennifer Harper advised on real-estate and employment issues respectively.