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Tenon Group PLC is engaged in providing a range of professional and business services. The services provided include business services and related taxation, outsourcing and other services, corporate finance, corporate recovery and insolvency services, financial services and specialist taxation. The subsidiaries of the Company are...
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RSM Tenon completes RSM Bentley Jennison acquisition
December 30 2009, 11:18am
RSM Tenon Group (AIM: TNO) and Tenon Audit Limited has completed the acquisition of professional services firm RSM Bentley Jennison for £76.3 million after raising £40 million through the issue of 88.89 million shares to fund the transaction.
The rest of the consideration will be covered by cash drawn down under the company’s bank facilities and the allotment of new shares up to the value of £17.5 million to shareholders of RSM Bentley Jennison.
A deferred consideration of up to £18.8 million is also payable in cash in equal annual tranches over three years based on specific performance criteria.
The group said the acquisition will expand its scale and UK geographical coverage, setting up the seventh largest accountancy and financial advisory firm by fee income and resulting in synergies of at least £6.3 million with opportunity for further revenue and cost synergies.
“This deal brings together two of the most substantial entrepreneurial businesses in our industry. It is the beginning of a new era of opportunity and growth for our teams and provides us with an excellent platform from which to challenge traditional approaches to client focus and service delivery,” said Chief Executive of Tenon Andy Raynor.
