Akin Gump Advises Damovo and Its Investors on the Sale of Its European Operations to Oakley Capital Private Equity and the Daisy Group

(London) – Akin Gump is pleased to announce that it advised the Damovo Group and its investors in the completion of the sale of Damovo’s European operations to Oakley Capital Private Equity and the Daisy Group, a U.K. telecoms group. The transaction closed on January 29, 2015.

Following its restructuring in 2007, the Damovo Group, formerly the enterprise services division of the Swedish telecoms group Ericsson, became a market leader in public and enterprise-focused information and communication technology (ICT) services and solutions, with a global capability covering over 100 countries. It spent the last eight years developing and strengthening its business throughout the world, culminating in eight regional businesses with over 2,000 customers and 1.2 million end users.

Akin Gump initially acted for the bondholders in the cross-border financial restructuring of €350 million of debt owed by the Damovo Group to its bondholders.  Since then, the team has continued to advise the Damovo Group and its noteholders on various refinancings, litigation proceedings and corporate transactions, with the ultimate objective of seeking an exit for its investors, which include several key international players in the hedge funds and private equity worlds.

The recent sales of the European businesses are the final chapter of this turnaround and exit story following the sale of the Latin American operations to OpenGate Capital in 2014.

The Akin Gump team, led by restructuring partner Stephen Peppiatt, supported by corporate counsel Sophie Jermine and finance associate Kevin Gilroy, has been involved with this client and its investors since the start of its 2007 turnaround.  

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

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