TDR Capital LLP made a preliminary conditional proposal to acquire Arrow Global Group PLC (LSE:ARW) for approximately £540 million on February 5, 2021. TDR Capital LLP have reached agreement to acquire Arrow Global Group PLC on March 31, 2021. Pursuant to the terms of the offer, TDR Capital LLP will possibly carry out the offer on an all-cash basis. The offer price will be £3.05 per share. The Board of Arrow Global Group PLC is considering the proposal. TDR Capital LLP must, by not later than March 8, 2021, either announce a firm intention to make an offer for Arrow Global Group PLC or announce that it does not intend to make an offer. On February 22, 2021, TDR Capital made a revised proposal for Arrow Global of £3.07 per share in cash. An extension to the date by which TDR Capital is required either to announce a firm intention to make an offer for Arrow Global must now be made by not later than March 23, 2021. As of October 6, 2021, TDR Capital arranged £1.3 billion of Senior Secured Bridge Facilities and £285 million of Revolving Facility to fund the transaction. As on March 23, 2021, Arrow Global requested, and the Takeover Panel has consented to, an extension to the date by which TDR Capital is required either to announce a firm intention to make an offer for Arrow Global or to announce that it does not intend to make an offer, by April 1, 2021. The court meeting and general meeting will be held on May 21, 2021. The transaction is subject to approval of shareholders of Arrow Global Group PLC, court approval, antitrust approvals in the European Union and regulatory approvals in the UK, Italy, Ireland, Jersey and the Netherlands. On June 23, 2021, each of National Westminster Bank PLC and Natwest Markets PLC has agreed to become an arranger and interim lender under the interim facilities agreement. On May 21, 2021, the shareholders of Arrow Global Group PLC approved the transaction. As of October 7, 2021, Court approved the transaction. The Scheme remains conditional on delivery of the Court Order to the Registrar of Companies for England and Wales, which is expected to occur on October 11, 2021. The transaction is expected to complete in third quarter 2021. Jan Skarbek, Robert Redshaw, Morten Eikebu and Thomas Bective of Citigroup Global Markets Limited, whereas Andreas Wesemann of Ashcombe Advisers LLP acted as financial advisors to TDR Capital LLP. John Brennan, Owain Evans and Jamie Macdonald of Goldman Sachs International, while Matt Smith, James A. Kelly, Jonty Edwards, and Gokhan Ozkan of JPMorgan Cazenove Ltd. acted as financial advisors to Arrow Global Group PLC. Charles Farquhar, Stuart Ord and Laura White of Numis Securities Limited acted as financial advisor, Kirkland & Ellis International LLP acted as legal advisor to TDR Capital LLP in the deal. Kirkland & Ellis International LLP acted as legal advisor to Arrow Global Group in the deal. Andrew Richards, Derek Shakespeare and Darren McKay of Barclays Bank PLC acted financial advisors. Shearman & Sterling are advising the mandated lead arrangers, underwriters and lenders in connection with the senior financing. Korey Fevzi, Marwa Elborai and Philip Stopford of Shearman & Sterling acted as a partner to the offering. Nick Withers and Simon Letherman of Shearman & Sterling also acted as a partner and supported the offering. Barney Reynolds of Shearman & Sterling advised on regulatory aspects of the transaction. TDR Capital LLP completed the acquisition of Arrow Global Group PLC (LSE:ARW) on October 12, 2021.