The transaction involved a combination of cash consideration (GBP632 million), funded by a new GBP650 million facility provided by Santander Corporate & Investment Banking on which Appleby also advised and issuance of up to 233.11 million new ordinary shares (approx. GBP375 million), valuing shares at a 13.5% premium to BBOX’s prior closing price.
The Appleby team, led by Jersey partners Andrew Weaver and Paul Worsnop, comprised associates Jack Savage and Larissa Dezyk and paralegals Sebastian De Jesus and Nicole Hamilton in Jersey, partner Tom Brook, senior associate Alexandra Dernie and trainee Joshua Williams for the Isle of Man and BVI and partner Jeremy Berchem and associate Josh Tonks in Guernsey.
When asked about the transaction, Paul said: ‘We were thrilled to work on such a high profile and strategically important transaction for one of our longest standing clients. Deals like this always bring Appleby’s unique ability to offer a seamless service across the Channel Islands, the Isle of Man and the Caribbean into sharp focus and we always enjoy collaborating with our other offices across the globe.’
Henry Franklin, Chief Operating Officer of Tritax said: “We have worked with Appleby since the inception of Tritax Big Box and, once again, they delivered the exceptional support and expertise we have come to expect from them. Their deep understanding of both our business and the wider market combined with their commercial approach, responsiveness, and ability to anticipate issues before they arose were invaluable in helping to achieve a smooth completion. We greatly value our longstanding relationship with Appleby and look forward to continuing our collaboration on future transactions.”
