Circles MVNE Pte. LTD. and Channel Ventures Group, LLC completed the acquisition of Substantially All of the Assets of Pareteum Corporation from a group of sellers.
The Asset Purchase Agreement was filed with the Bankruptcy Court on May 15, 2022 and is subject to the debtors' solicitation of higher and better offers pursuant to bidding procedures and an auction process that will be conducted under the supervision of the Bankruptcy Court in accordance with Section 363 of the Bankruptcy Code. The completion of the transaction is subject to a number of conditions, which, among others, include the entry of the Bid Procedures Order and the Approval Order by the Bankruptcy Court, third party approvals, execution of intellectual property agreement, the performance by each party of its obligations under the Asset Purchase Agreement and the material accuracy of each party's representations. The parties shall consummate the deal no later than July 12, 2022.
Alec Ostrow of Becker, Glynn, Muffly, Chassin & Hosinski LLP acted as legal advisor to Channel Ventures Group, LLC. Jamila Justine Willis of DLA Piper LLP (US) acted as legal advisor to Circles MVNE Pte. LTD. Thad Wilson, Jason Peters of King & Spalding LLP acted as legal advisor to Pareteum Corporation. FTI Capital Advisors, LLC is serving as investment banker and FTI Consulting is serving as restructuring advisor to Pareteum.
Circles MVNE Pte. LTD. and Channel Ventures Group, LLC completed the acquisition of Substantially All of the Assets of Pareteum Corporation from a group of sellers on July 11, 2022. As of June 30, 2022, United States Bankruptcy Court for District of New York approved the transaction. BofA Securities acted as financial adviser to Circles in the transaction.