31 July 2007
Manchester advisers on the right track with £18.7 million deal
A group of Manchester firms has advised AIM-listed software company, Advanced Smartcard Technologies, on its £18.7 million acquisition by the online ticketing business, thetrainline. Teams from investment bank Altium, corporate finance advisers Cole Associates and lawyers DLA and Cobbetts were all involved in the deal.
Advanced Smartcard, based in Scotland listed on AIM in December 2005 in order to accelerate the deployment of its smartcard software. The company started working with thetrainline earlier this year on a strategic venture in the travel and transport sector.
thetrainline, based in London is a leading UK rail ticket retailer and rail information provider. In July 2006, Exponent Private Equity acquired thetrainline, for £168 million.
Phil Adams, Adrian Reed and Paul Lines advised on the deal for Altium, and Elia Montorio of the Manchester office of DLA provided legal advice to the Company. Jeremy Cole of Cole Associates Corporate Finance and Paul Kelly and Paul Johnson of Cobbetts advised AST management.
Tom Doyle, Chairman of AST commented: "The sale of AST to thetrainline is an excellent strategic move for both companies. Working with advisers from Manchester firms who all knew each other helped the process enormously."