20 November 2019
Arti and Collette feel like now is a good time to retire and enjoy the benefits of their successful business. They had hoped to pass A&C Art Limited to Mona Lisa and keep the Company in the family, but Mona Lisa does not want to take on the responsibility of the business and they reconsider succession options.
Arti and Collette are approached by Mr Guggenheim who makes an offer to acquire A&C Art Limited through his company. Arti and Collette decide that since BTO’s corporate team is familiar with their company and has experience in these type of transactions, BTO should act for them on the sale of the A&C Art Limited to Mr Guggenheim.
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Emma Barclay |
BTO’s Corporate team negotiates Heads of Terms with Mr Guggenheim’s solicitors to reflect the parties’ agreement on how the deal will be done. Once these are agreed, a draft share purchase agreement is produced to BTO by Mr Guggenheim’s solicitors. The Corporate team meets with Arti and Collette to go through the draft of the share purchase agreement (SPA), which BTO explains is the main document for the transaction.
Following negotiations and various drafts of the agreement, Arti and Collette are comfortable that the agreement protects their position and allows them to sell A&C Art Limited to Mr Guggenheim in a neat and tidy manner. A completion meeting takes place at BTO’s One Edinburgh Quay office where Arti, Collette and Mr Guggenheim sign the SPA and all the related documents. Having signed and completed the transaction, Arti & Collette receive the proceeds of the sale. They can now enjoy retirement and the fruits of all their hard work over the years!
Contact: Emma Barclay, Partner E: eba@bto.co.uk / T: 0141 221 8012
