Fladgate, jointly with Lewis Townsend LLP, has advised CTI Engineering Co. Limited on its successful recommended cash offer for Waterman Group Plc, which values Waterman at approximately £43m.
CTI is the oldest of Japan’s top three ranked major consulting engineering companies and has had a full listing on the Tokyo Stock Exchange since 1996.
Waterman is an established planning, engineering design and project delivery consultancy operating in the property, infrastructure, environment and energy markets with offices throughout the UK and in Australia and Ireland. Waterman is listed on the Main Market of the London Stock Exchange.
The acquisition supports CTI’s objective to diversify from its reliance on national and local government contracts in Japan and expand into works for foreign governments, multinational development banks and private sector clients outside of Japan.
The Fladgate team was led by capital markets partner David Robinson, assisted by tax and incentives partner John Forde, corporate associate Adrian Mawlabaux and tax and incentives associate Anthony Reeves. Managing partner Steve Lewis led the Lewis Townsend team.