Slaughter and May is advising Spectris plc on the proposed sale of the Millbrook group to UTAC Holding SAS

Slaughter and May is advising Spectris plc on the proposed sale of the Millbrook group to UTAC Holding SAS, the French automotive testing and homologation specialist. The Millbrook business provides vehicle test, validation and engineering services to customers in the automotive, transport, tyre and petrochemical industries.

The Millbrook group’s headline value is £133 million and, after accounting for £15 million of adjustments, including committed capex, the net consideration for the transaction is expected to be £118 million, subject to a locked box arrangement and other adjustments. This will be made up of £70 million cash proceeds (subject to adjustments relating to intercompany balances), a £23 million vendor loan note issued by the UTAC group, and a £25 million reinvestment into an indirect 14% retained equity stake in the combined Millbrook and UTAC group.

Corporate
Oliver Gratton Associate

Ruaridh Owens / Trainee

Tax
Mike Lane Partner
Charles Osborne Associate
Pensions, Employment and Incentives
Padraig Cronin Partner
Philippa O'Malley Associate
Financial Regulation
Nick Bonsall Partner
David Kasal Associate
Competition
Jordan Ellison Partner
John Bardsley Associate
Madalina Secareanu Associate