Marmon Retail & End User Technologies, Inc. reached an agreement to acquire beverage dispense and merchandising divisions from IMI plc (LSE:IMI) for £690 million on October 15, 2013. The purchase price is subject to customary adjustments for the amount of working capital, cash and debt in the business at completion. The purchase will be financed through cash at hand. For the year ending December 31, 2012, the business reported revenues of £496 million and segmental operating profit of £72.9 million. As of June 30, 2013, it had gross assets of £291 million. The acquired businesses will become an integral part of the Marmon Retail Technologies Company. The transaction is subject to regulatory approvals and is expected to close by early 2014. IMI will return cash of £620 million to shareholders after obtaining shareholders' approval and contribute £70 million to the IMI UK Pension Fund. IMI Company Secretary and head of Legal John O'Shea led the internal legal team for IMI. Bob Bishop, Jess Hogan, Nigel Cooke, Adam Arnett, Thomas Horenkamp, Jason Levin and Emerich Gutter of DLA Piper acted as the legal advisors to Marmon Retail & End User Technologies, Inc. and Mark Gearing, Matthew Appleton, Peter Harwich and LaToya Edwards of Allen & Overy LLP acted as the legal advisors to IMI.

Daniel Hanrahan, Marmon's assistant general counsel, led the in-house legal team. Robert W. Baird & Co., J.P. Morgan Cazenove and Citigroup Global Markets Limited acted as financial advisors to IMI. Oppenheimer Wolff & Donnelly LLP acted as the legal advisor to IMI. KPMG LLP (United Kingdom) acted as vendor due diligence provider to IMI.

Marmon Retail & End User Technologies, Inc. completed the acquisition of beverage dispense and merchandising divisions from IMI plc (LSE:IMI) on January 1, 2014.