S&S ADVISES GTS
21 Feb 2000
SIMMONS & SIMMONS ADVISES GTS ON THE ACQUISITION OF AWARD WINNING UK ISP NETCOM INTERNET
SIMMONS & SIMMONS ADVISES GTS ON THE ACQUISITION OF AWARD WINNING UK ISP NETCOM INTERNET LIMITED FOR US$91.5 MILLION
Simmons & Simmons advised Global TeleSystems Group, Inc. ("GTS"), a leading provider of e*Business and borderless broadband services across Europe and beyond, to enter into a definitive agreement on 04 February with Providence Equity Partners L.P. to acquire Netcom Internet Limited ('Netcom'), one of the UK's leading Internet Service Providers focusing on the business-to-business market, for GTS common stock valued at US$91.5 million. Completion took place on Friday, 18 February. Simmons & Simmons also advised GTS on its successful US$1.1bn recommended offer for Esprit Telecom Group, PLC which was completed last year.
This latest transaction adds to a growing portfolio of deals in the IT sector that Simmons & Simmons' Corporate Department has advised on, including most recently acting for General Atlantic Partners, LLC on its investment in Entranet Limited, and for Geneva Technology Limited on its raising of US$20 million in venture capital funding.
Global TeleSystems is the leading provider of e*Business and borderless broadband services across Europe and beyond, serving businesses and carriers in 19 European countries with a range of broadband, Internet/IP and voice services. Since it was founded in 1996, Netcom has been selected as "ISP of the Year" by PC Pro magazine in 1998, 1999 and in 2000. The acquisition of Netcom is seen as the ideal way to accelerate GTS' rapid development into a complete pan-European e*Business leader.
The Simmons & Simmons team was led by corporate partner Charles Fuller and included Grant Macpherson, Adrian Mayer and Charles Baynes-Reid (Corporate), Theresa Gourlay (Communications), Zoe Fountain and Lawrence Haines (IT), James Vertigen (Employment), Alison Courtier (Options), Nick Bolter (Intellectual Property), Daniel Thompson and Ruth Davies (Property), Camilla Hohler (Pensions), and partner Robert Schon and Simon Yates (Tax).
Charles Fuller commented:
"We are delighted to have been able to assist GTS in its strategic acquisition of such a key player in the UK Internet Service Provider market, and to help GTS further expand its e*Business network and service capabilities."
Notes for editors:
1. Simmons & Simmons is worldclass law firm with offices in London, Paris, Brussels, Düsseldorf, Lisbon, Milan, Rome, Madrid, Abu Dhabi, Hong Kong, Shanghai and New York with over 1,400 staff worldwide. For further information on Simmons & Simmons please visit our website at www.simmons-simmons.com
2.The Corporate Department at Simmons & Simmons comprises over 220 legal staff (115 in London), including 47 partners (27 in London). It advises on the whole range of corporate finance activity, and mergers and acquisitions as well as other corporate law matters for listed and unlisted companies, in the United Kingdom and overseas.
3. Simmons & Simmons recently became the first law firm to launch as a free Internet Service Provider. elexica.com brings together the best sources of legal knowledge on the Internet and provides the first open online community for lawyers by an international law firm. For more details on elexica, go to www.elexica.com.
4. For further information, please contact:
Charles Fuller, partner, Corporate
Louise Resnick, Media Relations Manager on 020 7628 2020