Atairos Group, Inc. reached an agreement to acquire approximately 61% remaining stake in Ocean Outdoor Limited (LSE : OOUT) from LionTree Ocelot LLC, Mariposa Acquisition III, LLC and other shareholders for approximately $340 million on May 3, 2022. Atairos will pay $10.40 in cash per share. The cash consideration payable to shareholders will be funded from equity financing drawn down from certain investors in Atairos and debt financing in the amount of $147 million provided by certain funds managed by Ares Management Limited.

A $15 million termination fee would be payable to Atairos by Ocean if it were to terminate the agreement. As of June 13, 2022, The transaction has been approved by shareholders of Ocean Outdoor. The transaction has been approved unanimously by both the Ocean directors and the Atairos director and also needs to be approved by the Ocean shareholders, the Atairos shareholder, regulatory and antitrust approvals.

As of May 17, 2022, Ocean Outdoor Limited issues notice to its shareholders for general meeting to be scheduled on June 13, 2022. The transaction will become Effective in mid-June 2022. The agreement provides for a 30 day "go-shop" period, expiring on June 2, 2022.

As of May 20, 2022, the Swedish Competition Authority have approved the transaction. Tom Erlich, Alastair Blackman, Nicola Tennent, Stuart Jempson of Barclays and Jake Donavan, Matt Feldman, Banu Kirisci of LionTree acted as financial advisor of Ocean. White & Case LLP and Maples & Calder acted as legal advisors of Ocean.

Richard Hoyle, Alexander Fiallos of Lazard & Co., Limited acted as financial advisor of Atairos. Will Pearce, Harold Birnbaum, Dan Hirschovits, Joseph Scrace, Jason Bassetti, Nick Benham, Aaron Ferner, Jonathan Cooklin, Nicholas Spearing and Matt Yeowart of Davis Polk & Wardwell London LLP and Ogier acted as legal advisors of Atairos. C. Andrew Gerlach, Jeremy Kutner and Jameson Lloyd of Sullivan & Cromwell LLP acted as legal advisor to LionTree Ocelot LLC.