Dentons advising FreeAgent on proposed acquisition by Royal Bank of Scotland

Dentons is advising FreeAgent Holdings plc, the AIM-listed provider of cloud-based Software-as-a-Service (SaaS) accounting software solutions and mobile applications designed primarily for UK micro-businesses and their accountants, on its proposed acquisition by The Royal Bank of Scotland Group plc (“RBS”). The terms of the recommended cash offer value FreeAgent at approximately £53 million.

This deal follows on from FreeAgent’s £34.1 million flotation on AIM in November 2016, on which legacy firm Maclay Murray & Spens (now Dentons) also advised.

FreeAgent founder and CEO Ed Molyneux said: “We are very pleased to have agreed terms for the recommended offer by RBS. It is a significant step for our business, and Dentons has provided invaluable support throughout the process.

“We have a strong relationship with the team there, and their deep experience in public company M&A deals means we had every confidence in them throughout the transaction. We are grateful to Brian and the team for their expert guidance and advice.”

Dentons Corporate partner Brian Moore, who is leading on the deal, said: “We are delighted to be working with FreeAgent once again on another transformational transaction. This is the sixth significant capital markets deal for a Scottish business in the last two years on which we have been lead adviser, and the first for us in the Scottish market since Maclay Murray & Spens merged with Dentons in October 2017.

“Our record over the last two years in public M&A and IPOs is second to none, and confirms we continue to be the leading public company transaction advisory team in the Scottish market.”

In addition to Brian Moore, corporate partner David McGrory, corporate counsel Donald Smith and tax partner Lorna McCaa are advising FreeAgent on its proposed acquisition by RBS.