Daimler UK Limited entered into an agreement to acquire YASA Limited from Universal Partners Limited (MUSE:UPL.N0000) and others on July 22, 2021. Under the terms of the acquisition, YASA and its 250 employees will continue to operate from its UK headquarters and YASA will operate as a wholly owned subsidiary of Mercedes-Benz. The Transaction is subject to a number of conditions precedent, which are expected to be met over the course of the next few weeks. Daimler UK Limited completed the acquisition of YASA Limited from Universal Partners Limited (MUSE:UPL.N0000) and others for £42.8 million on August 3, 2021. The gross consideration to be received by Universal Partners Limited post the disposal of its interest in YASAA (including its share of the Yalium disposal) is £42.8 million. The final consideration will depend on a number of factors, as contained in the final form legal agreements. Inter alia, these allow for the purchaser to recover non-permitted leakage between the balance sheet date of 30 June 2021 and the completion date; for specified adjustments to the net working capital as at 30 June 2021; and for any valid warranty claims that are proven under various sellers’ warranties. All sellers have agreed to place a portion of their sale proceeds into escrow to meet the cost of any successful warranty claims. After acquiring all of the shares in YASA, including the 21.95% held by Universal Partners Limited, Mercedes-Benz is now the owner of 100% of the shares and claims in YASA. YASA Limited will operate as a wholly-owned subsidiary of the Daimler while retaining its UK headquarters, brand, facilities and 250 staff. At the time of the disposal Universal Partners Limited valued its investment in YASA at £21.9 million Universal Partners Limited expects to receive total proceeds of £38.3 million from this transaction, after allowing for all transaction fees and carried interest payable. This is an excess of £16.4m on the carrying value prior to the disposal. Matthias Kiesewetter, Darragh Byrne, Philip Broke, Philip Trillmich, Nicholas Greenacre, Marc Israel, Bodo Bender and Tilman Kuhn of White & Case LLP acted as legal advisors to Daimler UK Limited.