Simmons & Simmons is advising J.P. Morgan Cazenove and Liberum Capital in connection with the proposed acquisition by Connect Group PLC (‘Connect Group’), a leading specialist distributor operating in three divisions (News & Media, Books and Education & Care) of Tuffnells Parcels Express, a leading provider of next-day B2B delivery of mixed freight / parcel consignments specialising in items of irregular dimension and weight, announced earlier today.

Connect Group proposes to finance the initial consideration of £113.4 million payable in connection with the acquisition in part through the proceeds of a 2 for 7 rights issue at 102 pence per share, being approximately £52.3 million (net of expenses), also announced today.

Due to the size of the acquisition in relation to the company, the acquisition is classified as a class 1 transaction for the purposes of the Listing Rules, and therefore requires the approval of Connect Group’s shareholders.

The firm is advising J.P. Morgan Cazenove and Liberum Capital as joint sponsors, underwriters, bookrunners and financial advisers to Connect Group in connection with acquisition and rights issue.

The Simmons & Simmons team is led by London corporate partner Colin Bole and London-based US securities laws partner Julian Perlmutter, and includes corporate associates Sarah Clarke and Edward Nisbet. Partner Nick Cronkshaw and associate Matthew Norris are providing specialist tax advice.