Sixjoy Hong Kong Limited completed the acquisition of 91.25% stake in Sumo Group Plc from Perwyn Bidco (UK) II Limited, Darren Mills, Steven Webb and others.
Transaction is subject to approval from shareholders of Sumo Group, third party clearance, the sanction of the Scheme by the Court, regulatory clearances, the receipt of antitrust clearances in the United Kingdom and United States and a foreign-direct investment approval under the CFIUS regime in the United States (or lapsing of the applicable waiting periods), and other customary conditions. The Sumo Board believes the terms of the Acquisition are in the best interests of Sumo Shareholders. As of September 10, 2021, transaction was approved at court and general meeting of Sumo. As of October 28, 2021, CFIUS informed Sumo and Tencent that it is undertaking an investigation of the acquisition. As of December 14, 2021, anti trust approved the deal. As on January 13, 2021, Sumo and Tencent are pleased to announce that the High Court of Justice in England and Wales has made an order sanctioning the Scheme. It is expected that the Scheme will become Effective towards the end of the fourth quarter of 2021. As per the article on November 26, 2021, The deal is expected to close on December 31, 2021. The deal is expected to be completed by April 19, 2022. The Scheme remains conditional on, and will become Effective upon, the delivery of a copy of the Court Order to the Registrar of Companies, which is expected to occur on January 17, 2022. As of January 13, 2022, the High Court of Justice in England and Wales had, made an order sanctioning the Scheme under section 899 of the Companies Act. As of January 13, 2022, Sumo and Tencent Bidco announced the last day for dealings in, and for registration of transfers of, and disablement of CREST for, Sumo Shares was January 14, 2022. Admission to trading of Sumo Shares on AIM will be cancelled with effect from January 18, 2022.
Khamran Ali, Hemal Thaker, Chris Emmerson and Tanguy Croguennoc of Goldman Sachs International and Benjamin Robertson, Richard Darlington and Andrew Jones of Zeus Capital Limited acted as financial advisors for Sumo Board. Laurence Hopkins, Daniel Diamond and Josh Bretherton of Morgan Stanley & Co. International Plc acted as financial advisors for Tencent and Sixjoy. Simon Witty, John B. Reynolds III and Miranda So of Davis Polk & Wardwell London acted as legal advisor to Tencent. Allen & Overy LLP acted as legal advisor to Sumo. Baker McKenzie Acted for Morgan Stanley as financial adviser on the recommended cash offer.
Sixjoy Hong Kong Limited completed the acquisition of 91.25% stake in Sumo Group Plc (AIM:SUMO) from Perwyn Bidco (UK) II Limited, Darren Mills, Steven Webb and others on January 17, 2022. Trading of Sumo Shares on AIM has been cancelled with effect from January 18, 2022.