24 Nov 2016 | 11:45 am | 1 min. read
International law firm Pinsent Masons has advised on the sale of Skyscanner in what is believed to be the largest corporate transaction in Scotland this year.
The deal, which was announced on the US Stock Exchange last night, will see Skyscanner sold to CTrip.com International, China’s largest travel agency, for £1.4bn.
Pinsent Masons has a long relationship with Skyscanner, which was established in 2001 by entrepreneurs Gareth Williams, Barry Smith and Bonamy Grimes to help travellers compare prices on flights, accommodation and car hire worldwide. Skyscanner receives over 50 million visitors per month and has an annual turnover of £120 million.
Earlier this year Pinsent Masons advised Skyscanner on the £128m private placement of shares – believed to be the biggest ever by a UK tech company.
The Skyscanner legal team was led by Chief Legal Officer Carolyn Jameson and Senior Legal Counsel Graeme Barron.
The Pinsent Masons team was led by Alan Diamond and Rosalie Chadwick with assistance from a multidisciplinary team including Corporate specialist Jennifer Malcolm and Employee Incentives expert Christine Yuill.
Alan Diamond says:
“It has been great to watch Skyscanner grow from a start-up to one of Scotland’s most successful businesses. It’s a tremendous business and proof that entrepreneurship is alive and well in Scotland. CTrip is an impressive business and to have attracted a major Chinese partner demonstrates both the quality of the Skyscanner business and the global reputation for innovation the UK tech sector enjoys. I look forward to seeing the new business go from strength-to-strength, and I have no doubt that this will not be the last time we see partnerships forged between British and Asian tech companies.”
CTrip was advised by Skadden Arps and Travers Smith.
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