Hogan Lovells Advises 2e2 on €24 Million Sale of European Businesses
07 March 2013
LONDON, 7 March 2013 - Hogan Lovells advised 2e2 on the sale of its European businesses to Logicalis Group Limited, part of the Datatec group, the largest technology group traded on Aim, for €24 million in cash in a deal announced on Monday 4 March 2013.
IT group 2e2 went into administration in January 2013. Hogan Lovells has been advising on all aspects of the administration, including the sale of the UK data centre business and, most recently, 2e2’s businesses in Spain, Ireland, the Netherlands and the Channel Islands. Datatec will fund the deal with €14 million in cash and a €10 million share placement, and will employ approximately 500 2e2 employees.
The Hogan Lovells team advising 2e2 throughout the process was led by London business restructuring and insolvency partner Deborah Gregory, assisted by Of Counsel, James Robinson, and associates, James Maltby and Viktor Braun, in her team together with senior associate, Maya Cronly-Dillon, in employment.
Commenting on the transaction, Deborah said:
"We are delighted to have worked alongside joint administrator, Chad Griffin of FTI Consulting, to reach a successful transaction for all four businesses in Europe with Logicalis and to have safeguarded many jobs."