Addleshaw Goddard advises ClearStar on GBP14.7m take-private deal

Addleshaw Goddard has advised background verification company ClearStar on its GBP14.7 million takeover by private equity investor Hanover.

The AG team was led by partners Simon Wood and Charles Penney supported by Louise Pritchard and Mike O'Keeffe. AG has had a relationship with ClearStar since 2014, when the team advised on ClearStar's IPO.

The offer, which announced this morning, sees the company valued at a premium of 23 per cent over its most recent closing price.

Wood says: "This is a great result for ClearStar, and we are delighted to have been able to offer our advice and expertise.

"It is also indicative  that the trend towards take-privates, which we highlighted in our July report, is set to continue. 2019 was a boom year for P2P activity, and the likelihood is that – as the economy continues to come out of lockdown – the commercial drivers  behind last year's activity will be amplified."