Macfarlanes advises Xafinity plc on its acquisition of Punter Southall Holdings Limited for up to £153m

07 December 2017

Macfarlanes has advised Xafinity plc, the pensions actuarial, consulting and administration business, on its proposed acquisition from Punter Southall Group Limited ("PSGL") of its actuarial consulting, pensions administration and investment consulting businesses for a total consideration of up to £153m.

The consideration for the acquisition will be satisfied through a combination of cash, new shares and the transfer of the Xafinity’s HR Trustees business to PSGL.  The cash component of the consideration will be financed by a combination of a firm placing and placing and open offer as well as new debt facilities. The transaction is expected to close in the first quarter of 2018.

The Macfarlanes team was led by corporate and M&A partner Harry Coghill with assistance from senior counsel Mark Slade, senior solicitors Tom Rose and Julian Grant, and solicitor Tom Trotter.  Specialist industry input was provided by pensions partner Camilla Barry and pensions senior solicitor Sheamal Samarasekera.

Harry Coghill comments: "We are delighted to have acted for Xafinity on this transformational deal, having advised senior management on the IPO earlier this year. The deal will create the largest “pure-play” pensions consultancy firm in the UK market and we look forward to seeing the business go from strength to strength."