LAW firm Watson Burton has advised its longstanding New York Stock Exchange-listed client Federal Signal Corporation on the sale of the Federal Signal Technologies Group (FSTech) to 3M Company for a purchase price of $110m.
Newcastle-based Watson Burton worked with Federal Signal’s US lawyers Thompson Coburn, and 3M’s lawyers, to secure completion of the transaction this month.
The FSTech Group focuses on electronic toll collection and parking management hardware and software services.
It has primary facilities in Arizona, California, Illinois, Michigan, Missouri, North Carolina, Tennessee, Texas, Hong Kong, Dubai and the UK. The UK part of the business comprises three companies.
Watson Burton advised Federal Signal when those companies were acquired several years ago, and the firm dealt with the sale of the three businesses as part of the 3M transaction.
Gillian Hall, senior partner at Watson Burton, led the legal team for the UK sale on behalf of Federal Signal, assisted by corporate partner Robin Adams, employment partner David Jenkins, real estate associate Michael Shuker, and corporate solicitor Helen Foy.
“Our team worked closely with Federal Signal’s US in-house and external legal teams to ensure that the English law aspects of this global transaction were dealt with correctly, and then acted on the sale of the UK businesses, working with the UK teams and 3M’s UK advisers,” said Hall.
“We worked very hard with Federal’s other advisers to ensure that the differences between the various legal systems involved, and also the differences in market practice, were fully understood and worked through, so the transaction could run smoothly and meet deadlines.
“We are delighted that the sale has completed successfully to the benefit of both companies.”
Paul Henry, Federal Signals in-house corporate counsel, said: “Gillian Hall and her colleagues were important, valued members of our team for this transaction.
“Watson Burton has worked with us on a number of deals over many years now and understands our business well. The team’s service delivery was excellent and was instrumental in moving a complex deal along to a successful conclusion. “
Dennis Martin, Federal Signal’s president and chief executive officer said: “I would like to thank all of the talented employees of FSTech for their innovative contributions and leadership.”