In 2013, ADCM, through its special purpose
Spadille, acquired luxury residential London developer Northacre.
Spadille Limited, also wholly owned by Abu Dhabi Capital Management LLC, bought luxury residential London developer
As unveiled by the UAE-based alternative investment firm in January, its newly-formed entity Spadille Ltd had made a mandatory, recommended cash offer for the shares it did not already own in Northacre, with a loan note alternative.
UAEa[euro](tm)s Damac Invest Co LLC and a management buyout vehicle led by Northacrea[euro](tm)s CEO Ken MacRae were also eager to take over the company separately, but decided to abandon their plan.Country: UKSector: Construction/Real EstateTarget: Northacre PlcBuyer: Spadille Ltd, Abu Dhabi Capital Management LLC (ADCM)Deal size in USD: 39mType: Corporate acquisitionStatus: Closed
In January, the UAE-based alternative investment firm said its newly-formed entity Spadille Ltd was making a mandatory, recommended cash offer of GBP0.96 (USD1.44/EUR1.11) apiece for the shares it did not already own in Northacre, with a loan note alternative.
UAE-based Damac Invest Co LLC and a management buyout vehicle led by Northacrea[euro](tm)s CEO Ken MacRae were also eager to take over the company separately, but decided to abandon their plan.Country: UKSector: Construction/Real EstateTarget: Northacre PlcBuyer: Spadille Ltd, Abu Dhabi Capital Management LLCType: Corporate acquisition, LBOStatus: Agreed, BiddingComment: Bid values the target at USD39m.
The conglomerate, which holds a 25.44% stake in Northacre, noted its bid would be at a level higher than the one made by ADCM's newly formed company
Spadille Ltd.
Last week, Abu Dhabi Capital Management LLC (ADCM) said that it, through newly-formed firm Spadille Ltd, had agreed to buy out Northacre in a deal that valued the target at some GBP25.7m (USD40.8m/EUR30.6m).
Damac said its offer, which would also be conditional on getting valid acceptances for over 50% of Northacre's shares, would be a level higher than Spadille's one.
18 January 2013 a[euro]" Abu Dhabi Capital Management LLC (ADCM) has, through newly-formed firm Spadille Ltd, agreed to buy out UK property developer Northacre Plc (LON:NTA) in a deal that values it at some GBP25.7m (USD40.9m/EUR30.6m), the parties announced.
Under the terms of the deal, Jersey-incorporated Spadille will make a mandatory, recommended cash offer of GBP0.96 apiece for the rest of the shares, with a loan note alternative.
18 January 2013 - Abu Dhabi Capital Management LLC (ADCM) has, through newly-formed firm
Spadille Ltd, agreed to buy out UK property developer Northacre Plc (LON:NTA) in a deal that values it at some GBP25.7m (USD40.9m/EUR30.6m), the parties announced.