18 August 2017
Mathys & Squire are delighted that their longstanding client, Sevcon Inc., has entered into a definitive merger agreement with BorgWarner Inc.
As detailed in Sevcon’s recent announcement the total transaction value in the merger is expected to be approximately $200 million. This represents a 64% premium to the 30-day volume weighted average price of Sevcon’s common stock.
Mathys & Squire are proud to have played a small role in supporting this huge success. Sean Leach, a partner in the IT & Engineering team at Mathys & Squire, has worked with Sevcon since 2010 and has overseen the development of their growing patent portfolio. Sean and his team never cease to be impressed by Sevcon’s innovations, and by their team of stand-out engineers – Pete Barrass and Howard Slater in particular.
Sevcon President & CEO Matt Boyle said “Mathys & Squire have been with us since we began our transition from industrial markets into the automotive sector. In the years that we have worked with Mathys & Squire Sean Leach, and his associate Andrew White, have struck up a relationship with our technical team, and we know they can be relied upon for both their legal knowledge, and their technical expertise.
Asked to comment on patent strategy, and on the significance of IP to businesses in the North East Matt also said “It’s not just about the North East it’s true across the country, and internationally, that IP can be the starting point in many transactions. Our patent portfolio has been critical for this. Of course, there is more to IP than patents, the know-how and commercial intelligence in our people is a significant resource. We intend to increase our patent filings as we continue to grow in the automotive sector. This sector can be very patent sensitive. We often need to share information when making deals, but we also need to keep control of our IP. We need to be able to point at the background IP that’s ours.”
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