Bracknell Corporation announced on August 24, 2000 that it plans to acquire NASDAQ-listed Able Telcom Holding Corp. in a stock-for-stock merger. Bracknell will issue approximately 22 million shares in the transaction (currently valued at over US$150 million). As part of the acquisition, Bracknell and WorldCom, Inc. will form a strategic alliance in which Bracknell will perform at least 75 per cent of WorldCom’s network buildout over the next six years. Under the deal, WorldCom will acquire an approximate 14 per cent interest in Bracknell.
Torys is acting for Bracknell with a team that includes Robert Ouimette, Andrew Beck, Michael Amm, Carol Divine, Kim Blanchard, Lee Taylor and Darren Baccus in New York and Phil Brown, Peter Birkness, Jim Welkoff, Mike Siltala and Mark Saltzburg in Toronto. The transaction was led for Bracknell by John Naccarato, General Counsel, and John McMahon, Associate Counsel. Acting for Able Telcom is the Atlanta office of Paul, Hastings, Janofsky & Walker LLP.