Upon closing of the transaction, which is expected in the second half of 2021, the combined company will operate as Babylon and plans to trade on Nasdaq under the new symbol “BBLN”.
The company was founded in the UK in 2013 and provides services to 24 million patients across four continents.
The company scaled by approximately 5x annual revenue growth in 2020, and is expected to grow again by approximately 4x in 2021.
The Walkers team are longstanding advisers on matters of Jersey law for Babylon. Partner Jonathan Heaney and Group Partner Dilmun Leach led the Walkers team working with lead counsel Allen & Overy (London) and Wilson Sonsini Goodrich & Rosati (New York) on the deal.
The team included senior associate Tom Fothergill and associates Luke Steele and Ruth Donnellan. Walkers Jersey advised on the Jersey corporate and regulatory aspects of the deal as well as on the corporate governance, incentive schemes and operational requirements around becoming a listed public company.
Jonathan Heaney said: “We would like to congratulate all involved on what is a very significant deal in this sector. Having worked with Babylon as their Jersey counsel since 2015, we are delighted to have advised on this matter.
“A deal of this high value and profile demonstrates how attractive Jersey companies are for structuring major global transactions. We are very pleased to have been able to advise our client on this latest stage of their growth and development.”