Situation
Nettec plc was a UK based e-business consulting and web solutions provider.
ARC Associates was retained to advise on its Nettec’s proposed restructuring as a cash shell through the disposal of its operating business, Nettec Solutions.
Approach
In preparation for the sale of the business, ARC Associates identified and profiled a number of companies that would form a base of potential acquirers for Nettec Solutions.
ARC Associates initiated a competitive auction process through a call programme of potential acquirers in the industry. In parallel with the call marketing programme, ARC Associates produced summary information documents and memoranda based.
Following a competitive bidding process, ARC identified two parties with which to proceed on a semi-exclusive basis; upon review of both offer price and funding capability, elected Aspect Internet Holdings as a preferred acquirer and moved into a period of exclusivity.
ARC Associates was actively involved in the negotiation of the terms of the transaction and coordinated discussions among the management teams, the legal teams and other advisers during the due diligence and documentation processes.
The Transaction
Aspect Internet Holdings acquired Nettec Solutions from Nettec plc and announced the transaction on 30 May 2003.