Ashurst is advising Bank of America Merrill Lynch in relation to the £53 million recommended cash takeover of FreeAgent Holdings plc by The Royal Bank of Scotland Group plc (RBS Group).

FreeAgent is a provider of cloud-based Software-as-a-Service accounting software solutions and mobile applications designed specifically for UK micro-businesses (defined as sole traders and companies with fewer than 10 employees) and their accountants. RBS Group and FreeAgent have an existing commercial partnership, which, following a successful pilot, has seen expanding customer numbers.

Bank of America Merrill Lynch is acting as financial adviser to RBS in relation to the transaction.

The Ashurst team is being led by corporate partner Tom Mercer and banking partner Mark Vickers, assisted by associate Ciaran Fitzgerald-Morgan.