National law firm Shoosmiths has acted for KBC Advanced Technologies plc (KBC) in a multi-million pound acquisition.
KBC has purchased FEESA Ltd (FEESA), a leading UK-based provider of specialised software and services to the upstream oil and gas industry, for a value of £11.2 million - a figure which includes one million KBC shares.
Application will be made for the shares to be admitted to trading on AIM, with admission of the shares expected to occur on 28 July 2014.
KBC's strategic acquisition will allow the group to span the entire hydrocarbon value chain with technical and business transformation consulting underpinned by deep software IP.
Shoosmiths' corporate partner, Mark Shepherd, said: 'This deal between FEESA and KBC will take group in an exciting strategic direction and we were very pleased to have played a part in that. It is a testament to the team here that they were able to confidently navigate through an acquisition as complex as this.'
Ian Godden, KBC's executive chairman, added: 'This important acquisition adds further critical mass in consulting for the upstream market segment and in the software business to help KBC to achieve its stated objective of increasing revenue from these areas. We are very happy with the work Shoosmiths has done for us and we are pleased to welcome FEESA's respected technology and consulting team to the group.'
Ian added: 'The recent share placing demonstrates the support of KBC's shareholders for our current strategy of investment for growth and this acquisition affirms KBC's ability to deliver on that journey.'