Linklaters Advises TDR and I Squared on €1.65bn Applus Bid
Linklaters has counseled a consortium comprising TDR Capital and I Squared Capital in their victorious bid for Applus Services valuing the company at €1.65bn, following a sealed envelopes auction process.
The winning offer of €12.78 per share has been confirmed by the Spanish National Securities Market Commission (CNMV), initiating the acceptance period for the successful bid shortly thereafter.
Applus is a premier testing, inspection, and certification (TIC) company globally, reporting revenue of €2,058 million in 2023 and employing over 26,000 individuals across 70 countries. Spain contributed 23% of the total revenue. Applus serves three expansive markets: automotive, energy and industry, and laboratories.
Esteban Arza remarked, “It has been a privilege to support TDR and I Squared on this pivotal transaction. We are thrilled with our clients’ success in the first sealed envelopes auction in Spain since 2006, bolstered by our leading Spanish takeovers team and European financial sponsors platform.”
The cross-practice teams from Madrid and London were spearheaded by M&A partner Esteban Arza and Financial Sponsors partner Alex Lehtinen (London). The M&A team also included partner Sebastián Albella and managing associate Francisco Garcia (both Madrid).
Partner Neil Hoolihan (Brussels) provided counsel on antitrust matters, while partners Jamie Coomber (London) and Alejandro Meca (Madrid) offered expertise on Tax. M&A partner Iain Fenn (London) and Banking partners Juan Barona and Begoña Martinez (both Madrid) were also instrumental.
