Berwin Leighton Paisner (BLP) has advised Haversham Holdings PLC on its £1.2 billion acquisition of the British Car Auction Group (BCA).

The reverse takeover will be funded by a placing of new Ordinary Shares and a new debt facility with the Company’s listing being moved to the standard listing segment of the Official List. The Company will be renamed BCA Marketplace plc.

It will see the placing of 685.7 million New Ordinary Shares at 150 pence per Haversham share to raise £1,028.5 million before expenses. The transaction therefore values BCA at £1.2 billion on a debt-free, cash-free basis.

The BLP team was headed up by Benjamin Lee, Partner and Co-head of Corporate Finance, alongside Corporate Finance Partner Julian Stanier and Finance Partner Derek Hrydziuszko.

Benjamin Lee commented: “To close a deal of this magnitude is the result of a fantastic and tireless team effort here at BLP. The deal has enabled us to combine our transactional skills with specialist expertise across a range of disciplines from across the firm. It has been a complex deal given the short timeframe involved but the final result is the best for all parties.”