Allens advises leading tech company LIFX on sale to Buddy Platform
11 February 2019
Allens has advised Lifi Labs, Inc (trading as LIFX) on its agreed sale to Buddy Platform Limited for US$51 million (A$71 million) in a cash and scrip deal.
Allens worked closely with US law firm Latham & Watkins and advised on all aspects of the transaction, including structuring the cross-border deal. LIFX is a market-leading provider of wifi-enabled smart lighting solutions, which can report their own energy consumption. Headquartered in Adelaide, Buddy Platform provides solutions for making spaces smarter. Its acquisition of LIFX will enable it to incorporate a globally deployed energy and sensing lighting platform into its cloud-based solutions.
The acquisition is subject to satisfaction of conditions precent, including completion of Buddy Platform's acquisition financing and Buddy Platform obtaining all requisite shareholder approvals.
'Being a cross-border transaction, the sale of LIFX to Buddy Platform required a complex structure to work from both an Australian law and Delaware law perspective, ' said lead Partner Mark Malinas.
Senior Associate Dominic Anderson said the sale will support continued investment in innovative, cloud-based technology to create energy-efficient solutions.
'We were delighted to work with LIFX, a company that is pioneering lifestyle automation in the Internet of Things space.'
The sale builds on Allens' extensive portfolio of corporate work for innovative companies. Allens has previously advised the following companies:
- Canva on its acquisition of interactive presentation start-up, Zeetings;
- Equifax in its $2.5 billion acquisition of Veda Group Ltd, the leading provider of credit information and analysis in Australia and New Zealand;
- Computer Sciences Corporation, on the $427.6 million acquisition of UXC Ltd, Australia's largest publicly-owned IT services company; and
- TripAdvisor on Australian aspects of its acquisition of Viator, Inc and on its acquisition of Dimmi, a restaurant booking platform.
|Allens legal team||Corporate: Mark Malinas, Partner; Robert Pick, Partner; Dominic Anderson, Senior Associate; Niamh Rodgers, Associate
Tax: Joseph Power, Partner; Jay Prasad, Senior Associate
- Germaine GrahamSenior Corporate Communications Manager,
Ph: +61 2 9230 4639
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.