National law firm Shoosmiths has advised the shareholders of Permanent Health Company Limited on the sale of the entire issued share capital of the company to AXA.
Shoosmiths' corporate partner Adam Dowdney led a team of corporate specialists, comprising solicitors Robert Pook and Catherine Wigmore. Additional specialist legal advice was also given by Tom Wilde (partner, tax), Paul Eccles (partner, commercial insurance) Jamie Chambers (solicitor, tax) Matthew Walker (partner, real estate), Marcus Devanny (senior associate, real estate) and Paula Rome (partner, employment).
Permanent Health Company Limited is a specialist provider of medical and dental insurance for families and businesses with a range of products designed to provide both personal and corporate clients with a choice of uncomplicated yet comprehensive plans to meet customer needs in terms of cover and budget.
Adam Dowdney commented: 'This was an interesting and challenging transaction, in particular due to the need for a split exchange and competition process which always adds a level of complexity. However, everyone involved on both sides worked extremely hard to agree a structure that worked for buyer and seller, and we are delighted to have achieved this excellent result for our clients.
'Completing this transaction on behalf of the shareholders is another example of the strength in depth of our team and the Shoosmiths legal offering as a whole. This deal had some difficult issues, but all worked hard to deliver on time and on budget and we wish all the shareholders of PHC every success for the future.'
John Stafford, former CEO of the Permanent Health Company Limited commented:
'This was a complex transaction but we were confident that Shoosmiths would be able to guide us through the process - and we were right. We were very impressed by how Adam and his team drew on the expertise of lawyers from across the firm to provide cost effective solutions to the challenges we faced. Their specialist legal advice helped us ensure a seamless transition so that we were able to continue to provide excellent service to our customers while the deal was completed.'
Shoosmiths' corporate team has advised public and private companies, management teams, investors and debt providers through the business life cycle. Shoosmiths work with businesses from start up and first round finance through to mergers and acquisitions, MBO and MBI transactions, development funding and on exits, by way of sale, listing or private equity investment.
The national corporate team was recently crowned 'Law Firm of the Year' at the M&A Awards 2015 and the Thames Valley Deal Awards 2015. The firm has been placed second by deal volume in Experian's UK Deal Review and Advisor League Table.