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DLA Piper advises Towergate on GBP276m acquisition of Open GI

Piper has advised independent broker Towergate Partnership on the GBP276m acquisition of Open GI International from Montague Private Equity, less than two years after the original manageme

Piper has advised independent broker Towergate Partnership on the GBP276m acquisition of Open GI International from Montague Private Equity, less than two years after the original management buyout from Misys. Open GI is Towergate’s largest acquisition to date.

Open GI is a specialist in IT solutions for insurance intermediaries and will continue to run as a separate entity under its current identity. The existing management team, led by Philip Bell, will continue to run the business with backing from Towergate to provide investment funding for R&D and sales development.

DLA Piper has acted for Towergate since 1997 and has been involved with the majority of its acquisitions. Over the past decade Towergate has completed more than 120 acquisitions.

Mel Sims led the DLA Piper team with help from Amber Mathews (corporate), Mark Chivers (corporate), Kate Greenway (corporate) and Chris Williams (corporate). Alex Griffiths (banking) led the DLA Piper banking team, which included Melanie Ball, Dasher Sobor Nova and Rebecca Kitchener.

‘We are delighted to be involved in a ground-breaking deal for Towergate, which represents a departure from its usual acquisition of brokers,’ Sims says.

DLA Piper has more than 3,400 lawyers in 64 offices across Europe, Asia, the Middle East and the US. The corporate practice group comprises more than 700 lawyers worldwide, including a City of London team that represents UK and international corporate and institutional clients.

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