PNE AG, recently announced their acquisition of the British digital software and services company Bitbloom Ltd, marking a new chapter in its drive to deliver clean energy solutions and grow its innovative service portfolio. Bitbloom promotes innovation within the wind energy industry, and the deal will support PNE in bolstering its expertise and service portfolio within the sector.
How we helped PNE
Our team provided financial due diligence, tax due diligence and sale and purchase agreement (SPA) advisory services.
Robert Langston, Partner with Saffery, worked closely with the PNE team throughout the process: “We have previously worked alongside our Nexia colleagues to provide tax advice to PNE on UK acquisitions, and it was a pleasure to provide both tax and financial due diligence support on this project, as PNE continue to invest in UK renewables technology – a key sector for many of our firm’s clients.”
As a proud member of Nexia, we have access to local insight on a global scale. Our close alignment with our Nexia colleagues also enhanced our capability to advise PNE on the UK tax implications of Bitbloom’s international activities. In the course of our financial due diligence, our team considered the working capital implications of Bitbloom’s operations and used this to inform recommendations for the completion mechanism.
Part of our tax advice involved supporting PNE with their Research and Development (R&D) tax relief claims. These can be notoriously complex and subjective within the software sector, however our team navigated this challenging area and provided high-level and pro-active due diligence. It’s important to note that there are many legitimate R&D claims within the sector, and HM Revenue & Customs (HMRC) provide specific guidance on the topic.
Ramona Schwarze-Saß, Dep. Head of M&A and Project Acquisitions at PNE commented on our services: “During the tax and financial due diligence of the transaction, Saffery supported us very well. They also engaged closely with us during the subsequent tax review of the transaction documentation, with their SPA support.”