Confluence Technologies, Inc. reached agreement to acquire StatPro Group plc (AIM:SOG) from a group of shareholders for approximately £150 million on September 20, 2019. The deal is on a fully diluted basis and will be effected by a Court-sanctioned scheme of arrangement between StatPro and the Shareholders. Under the terms of the cash offer, each StatPro Shareholder will be entitled to receive for each StatPro share held £2.3 in cash. The cash consideration payable by Confluence will be funded through a combination of a £52.5 million irrevocable standby letter of credit provided by Silicon Valley Bank in favor of Confluence and with third-party debt of $180 million (£144.1 million) incurred by Confluence. Such third-party debt is to be provided under incremental term facilities to Confluence's existing credit facilities and arranged by Golub Capital LLC. Confluence will consider a corporate reorganisation of the StatPro Group which would result in Confluence becoming the immediate holding company of the current StatPro Group. The re-organisation would not have any impact on the business of the StatPro Group or result in any headcount reduction. Prior to the Effective Date, StatPro will make an application to the London Stock Exchange for the cancellation of the admission to trading on AIM of the StatPro Shares to take effect on or shortly after the Effective Date. StatPro will be re-registered as a private limited company pursuant to the relevant provisions of the Companies Act. It is intended that each of the Non-Executive Directors of StatPro will resign upon closing. The acquisition will be subject to the conditions, including the approval by a majority in number of Scheme shareholders voting at the Court Meeting, representing at least 75% in value of the scheme shares voted; the approval by StatPro Shareholders of the Special Resolution in connection with the implementation of the Scheme, by the requisite majority at the General Meeting and the sanction of the Scheme by the Court. As on October 21, the transaction was approved in the court meeting and shareholders meeting of StatPro. As of October 25, 2019, Court sanctioned the scheme at the Court hearing. The transaction is expected to closed in the fourth quarter of 2019. As on October 21, 2019, the transaction is expected to close on October 29, 2019. The long stop date is February 28, 2020. Chris Godsmark, Max Gilbert and Marc Jones of Oakley Advisory Limited acted as financial advisors for Confluence Technologies. Ken Marlin of Marlin & Associates Holding LLC while Freddy Crossley, Fabien Holler, Toby Rolls and James Stearns of Panmure Gordon (UK) Limited acted as financial advisors for StatPro. K&L Gates LLP acted as legal advisor for Confluence Technologies. Fieldfisher LLP acted as legal advisor for StatPro. Jonathan King of Osborne Clarke acted as legal advisor for Oakley Advisory. Confluence Technologies, Inc. completed the acquisition of StatPro Group plc (AIM:SOG) from a group of shareholders on October 29, 2019. The latest date for settlement of the cash consideration is November 12, 2019.