Teams of lawyers from two prominent island legal businesses advised clients in the recent £255 million Manx Telecom buy-out, it has emerged.

On the one side were a ‘cross practice’ line-up from commercial law firm, Cains.

They were offering their expertise to ‘long-standing’ client Manx Telecom in relation to an all cash acquisition of the company by Kelion Bidco Ltd, a newly incorporated company owned by Basalt Infrastructure Partners II GP Limited, which is an infrastructure equity investment ‘vehicle’.

The legal eagles on the other side were from Athol Street based law firm Appleby.

They acted as Isle of Man counsel to Basalt.

The deal valued the island telecommunications business at £255.9 million.

The transaction was implemented by means of an Isle of Man court approved Scheme of Arrangement and came into effect earlier this month.

The Cains team from Fort Anne, South Quay, Douglas, who acted as counsel to Manx Telecom, were led by corporate director Tristan Head and litigation director Peter Clucas, Andrew Baker and David Doyle, assisted.

Mr Doyle, formerly the island’s First Deemster, joined Cains last year, as a senior legal adviser within the litigation department.

DLA Piper UK LLP acted aslead onshore counsel to Manx Telecom, which employs about 300 people in the island.

The transaction is one of a long line of mergers and acquisitions (M&A) transactions on which the Cains team have recently advised.

Others include: the acquisition by Canaccord Genuity Wealth (International) Limited of the private client investment management business of Thomas Miller Investment (Isle of Man) Limited.

Also the sale of SMP Partners to Palatine Private Equity LLP along with the takeover of Paysafe Group PLC by way of a scheme of arrangement.

Managing director Peter Clucas said: ‘We are delighted to have been able to assist our long standing client Manx Telecom in relation to this major transaction.’

Meanwhile the Appleby team which advised Basalt, was led by corporate partner Garry Manley and included Tom Brook (finance), Juan Thornley (pensions), Caren Pegg (employment) and Alexandra Dernie (real estate).

The team worked closely with Travers Smith, who acted as lead counsel to Basalt.

An Appleby report which revealed a rise in the number of mergers and acquisitions in the island, was recently featured in Business News.

Gary Lamb, Manx Telecom’s chief executive, told Isle of Man Newspapers the deal was ‘great news for our customers, employees, and the Isle of Man – and as such represents the start of an exciting new era for the

business.’