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DWF advises Belluscura on takeover of TMT Acquisition

09 February 2024
DWF, the global provider of integrated legal and business services, has advised Belluscura, a developer of portable oxygen concentrators, on its £5.8m recommended takeover offer for TMT Acquisition plc.

The recommended offer for TMT Acquisition, a Main Market cash shell, was effected by way of a traditional share-for-share takeover, the first such UK public M&A transaction to have completed this year.

The DWF team was led by corporate partner John Campion and director Jemil Visram with assistance from solicitors Jordan Collinson and Gemma Nicol, and trainee George Robinson with oversight from Lester Wilson as client relationship partner.

John Campion said: "Despite the difficulties in public markets over the last 12 months, we are pleased that the DWF Equity Capital Markets team have continued to work on a number of ECM transactions across a wide range of sectors. 

"We have acted for Belluscura since its IPO in 2021 and on numerous secondary fundraisings to fund the development of their X-PLOR and DISCOV-R products. The acquisition of TMT Acquisition and gaining access to its cash balances will allow Belluscura to proceed with the full commercial launch of its DISCOV-R product in 2024. Its products will hopefully improve the quality of life of millions of people worldwide who suffer from chronic lung diseases especially as a result of the after effects of COVID-19."

Dowgate Capital acted as financial adviser and broker to Belluscura whilst SPARK Advisory Partners acted as nominated adviser. Dowgate and SPARK were jointly advised by Gowling WLG (UK) LLP.  TMT Acquisition was advised by Reynolds Porter Chamberlain LLP.

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