Edwin Coe is delighted to announce that it has advised Geoff Rowley and Phil Armstrong of FRP Trading Advisory Limited as joint administrators of Truphone Limited, on the pre-packaged sale of the business and assets of Truphone to TP Global Operations Limited, a vehicle ultimately owned and controlled by well-known entrepreneurs Hakan Koç and Pyrros Koussios.
Based in London, with a key research centre in Lisbon, Truphone has a long list of international subsidiaries with coverage in over 200 countries and with over 400 direct network agreements. The business offers communication services to over 2,000 multinational enterprise customers notably offering compliance solutions for recording phone and text messages for major global investment banks as well providing eSIM technology to major customers including Apple.
The transaction, which required both the approval of the Department of Business Enterprise and Industrial Strategy and of the Office of Financial Sanctions Implementation, was undertaken following an M&A sale process undertaken by FRP’s corporate finance team, led by Matthew Flower.
The transaction called on the services of a large Edwin Coe team across the breadth of the firm’s wide expertise. Daniel Bellau (Corporate Partner) led on the corporate side together with Jamal Saleh (Corporate Partner), Michelle Ansah (Corporate Associate) and Katie Braddell (Corporate Trainee). Working alongside were Christina Fitzgerald (Corporate Recovery Partner), Linky Trott (Head of Employment), Nick Phillips (IP Partner) and Joanne McIvor (Property Partner). Nelson Mullins advised on US law aspects.
The Buyer, TP Global was advised by law firms Davis Polk & Wardwell LLP, Walker Morris LLP, Latham & Watkins LLP, Willkie Farr & Gallagher LLP and by investment bank Robey Warshaw LLP.
“We were delighted to be able to advise the FRP Team on this exciting and ground breaking transaction and in being able to unlock the significant potential of the Truphone business. I’d like to thank the whole team for their hard work on completing this highly challenging and complex transaction,” commented Daniel.
Joint Administrator and CEO of FRP Geoff Rowley stated “This has been a complex transaction which has seen multiple challenges to address which has been greatly assisted by the multi-disciplinary team fielded by Edwin Coe working together with all the professional advisors.”
Further information on the transaction can be found on the Truphone website.