For media enquiries, please contact email@example.com
Conyers Dill & Pearman advised Ascendant Group Limited on its acquisition by way of merger of AirCare Ltd., a Bermuda air conditioning dealer and distributor offering HVAC, air quality monitoring, building automation and energy management, commercial plumbing, fire protection, and commercial refrigerator services.
Elliot Hubbard and Kent Smith of Conyers Dill & Pearman advised on matters of Bermuda corporate finance law relevant to the transaction.
The transaction is expected to provide Ascendant Group, a utility company which owns BELCO and Bermuda Gas, a stronghold on the air conditioning sales, installation and maintenance market. The Ascendant Group subsidiary, iAquisition Limited, was merged with AirCare effecting a majority shareholding for inVenture Limited (also an Ascendant Group subsidiary) with an agreement for the remainder of AirCare shares to be repurchased over a three-year period. Originally funded by a line of credit from Butterfield Bank, the share repurchases will be repaid by the future earnings of AirCare.