News & Events | News

Tuesday 18th March 2008

Leading corporate firm SJ Berwin LLP advised AIM listed FREEDOM4 Communications plc, the telecommunications company formerly known as Pipex, on the £120 million sale of its internet hosting and network services business to Oakley Capital Private Equity L.P., a private equity firm. 

SJ Berwin also advised FREEDOM4 on its proposals to return the consideration from the sale to its shareholders by means of tender offers made by FREEDOM4’s financial adviser, Collins Stewart Europe.  Contracts were exchanged for the sale on 14 March 2008, with completion expected to follow approval of the transaction by FREEDOM4 shareholders.  Completion of the tender offers is conditional upon the successful conclusion of the sale.

The sale and tender offers are the culmination of a strategic review of FREEDOM4 which has involved SJ Berwin advising on disposals with a combined value of more than £330 million, as well as the proposed £157 million return of capital to shareholders.  Following completion of the latest disposal, FREEDOM4 will remain as an AIM listed wireless telecommunications company, using cutting edge WiMAX technology.

The SJ Berwin LLP team was lead by corporate partner Jonathan Djanogly, assisted by senior corporate associate Marcus Biggs.  Ashurst LLP advised Oakley Capital, with their team being lead by corporate partner David Carter.

Jonathan Djanogly commented: “FREEDOM4 is a longstanding client of SJ Berwin LLP, and we have advised FREEDOM4 on most of their acquisitions which established the division now being sold.  We look forward to continuing our relationship with FREEDOM4 as it enters into a new phase of its development.”

For further information please contact:

Marcus Biggs, Senior Associate on +44 (0)20 7111 2352 or by emailing marcus.biggs@sjberwin.com

Sara Mahdavian, Business Development Executive on 020 7111 5074 or by emailing sara.mahdavian@sjberwin.com 

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• With more than 200 corporate finance lawyers, the depth and breadth of expertise of our pan-European Corporate Finance Department is considerable.  We offer the complete range of corporate finance services, which extends to all aspects of domestic and cross-border M&A and buy-outs, private equity, equity capital markets, financial services and tax.
  
  
• SJ Berwin was created and thrives as a leading-edge legal services business, focusing on the European and international market place. Our clients are sophisticated buyers of legal services, principally entrepreneurial companies and financial institutions, whom we advise on a comprehensive range of services including Corporate, Commercial, Real Estate, Finance, Reconstruction & Insolvency, Financial Services, Litigation, Employment & Pensions, EU & Competition and Tax.
  
  
• The private equity team has won a number of recent awards including:
  - “Corporate Team of the Year - Mid Market" at The Lawyer Awards 2007
  - “UK Firm of the Year” at the Global Chambers Awards 2007
  - “Private Equity Team of the Year” Financial News Legal Awards 2007
  - “Fund Formation Team of the Year” 2006 at the Financial News Awards for Excellence in Private Equity Advisory Services,
  - “European Law Firm of the Year" 2004 -  2006 at the EVCA/Real Deals European Private Equity Awards,
  - ”European Law Firm of the Year" (fund formation) 2001 - 2007 by subscribers to PrivateEquityOnline and Private Equity International
  - "Private Equity Law Firm of the Year" 2004 -  2007 at the European Venture Capital journal awards 2004
  - "LBO Firm of the Year" 2004 at the Finance and Law Awards in Paris
• On 1 June 2005, SJ Berwin became SJ Berwin LLP, a limited liability partnership.  www.sjberwin.com.  SJ Berwin LLP or an affiliated undertaking has an office in Berlin, Brussels, Frankfurt, London, Madrid, Milan, Munich, Paris and Turin.