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Dye & Durham enters into agreement to sell TM Group for up to £91 million; up-front proceeds to be used to reduce debt
Dye & Durham enters into agreement to sell TM Group for up to £91 million; up-front proc...
About this update from Dye & Durham Ltd.
[{"type":"text","content":"\n \n \n \n Dye & Durham enters into agreement to sell TM Group for up to £91 million; up-front proceeds to be used to reduce debt\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n Dye & Durham enters into agreement to sell TM Group for up to £91 million; up-front proceeds to be used to reduce debt\n \n \n Canada NewsWire\n \n \n \n \n \n \n Dye &\n \n Durham\n \n agrees to sell TM Group to AURELIUS, a globally active alternative investment firm\n \n \n \n \n Cash consideration at closing of approximately £50 million, with up to £41 million in potential additional earn-out payments between 2023 and 2026\n \n \n \n \n Transaction will satisfy undertakings given by Dye & Durham to the UK's Competition and Markets Authority (CMA), thereby concluding the CMA's merger investigation\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n July 10, 2023\n \n \n /CNW/ - Dye & Durham Limited (TSX: DND) (\"Dye & Durham\" or the \"Company\"), one of the world's largest providers of cloud-based legal practice management software designed to make managing a law firm, organizing cases, and collaborating with clients easy, today announced it has entered into an agreement to sell TM Group (UK) Limited (\"TM Group\") to AURELIUS, a globally active alternative investment firm.\n \n \n As part of the transaction, Dye & Durham will receive approximately £50 million in cash at closing, with up to £41 million in potential additional earn-out payments between 2023 and 2026, for total consideration of up to £91 million, subject to certain adjustments. Closing is expected to occur in August and the transaction has received approval from the\n \n United Kingdom's\n \n Competition and Markets Authority. Dye & Durham plans to use the net proceeds it receives at closing to reduce its debt.\n \n \n \"We're pleased to enter into this agreement with AURELIUS and put this regulatory process behind us. While TM Group wasn't material to our overall business, it is a profitable organization that will generate additional value in the hands of it...