Diploma PLC (LSE:DPLM) entered into an agreement to acquire Windy City Wire Cable & Technology Products, LLC from Rich Galgano and others for approximately $470 million on September 22, 2020. The initial cash consideration of $450 million is being funded by way of an equity fundraising of up to 10% of the issued share capital of Diploma, with the balance funded through new debt facilities including a $170 million term loan and a £135 million ($171.9 million) multicurrency RCF with an initial blended interest cost of 2.2%. The existing Diploma debt of £36 million ($45.9 million) will be refinanced as part of the transaction. An additional deferred cash payment of up to £12 million ($15 million) is payable to key members of the Windy City Wire management team after 3 years, subject to certain conditions. In case of termination, Diploma will pay a break fee of $18 million. For year ended December 31, 2019, Windy City Wire reported gross assets of $173.5 million and profit before tax of $22.5 million. Post-completion, wider management team of Windy City Wire including Rich Galgano, Dave De Neve (Chief Financial Officer) and Dan Hughes (Chief Sales Officer) will be retained. The transaction is subject to customary closing conditions including receipt by Diploma of the equity placing proceeds and the continuing availability of the new debt facilities and expiry or termination of the applicable waiting period under the HSR Act. As of October 7, 2020 the transaction has been approved by Federal Trade Commission. Completion of the Acquisition is expected to occur by mid-November 2020. The transaction is expected to be both significantly earnings enhancing and cover Diploma's cost of capital. Daniel Ross, Richard Probert and Darren Johnson of Barclays acted as financial advisor to Diploma. William Blair & Company, L.L.C. acted as financial advisor to the sellers. Diploma PLC (LSE:DPLM) completed the acquisition of Windy City Wire Cable & Technology Products, LLC from Rich Galgano and others on October 16, 2020. Diploma PLC also closed its £194 million ($247.1 million) equity fundraise, the proceeds from which will be used to fund the acquisition. All the conditions to achieve completion of the acquisition have been satisfied. David Smith, Shawmir Naeem, Robert Blashek, Riccardo Celli, Chris Del Rosso, Andrew Dolak, Greta Lichtenbaum, Sevda Staykova, Will Pao, Courtney Byrd, Aaron Cha, Karen Gillen, Sarah Hoffner, Bob Nicksin, Tom Oslovar and David Ribner of O'Melveny & Myers LLP acted as legal advisors to Windy City Wire Cable & Technology Products, LLC. Jonathan Parry and Laura Sizemore of White & Case LLP acted as legal advisors to Barclays and Numis as joint global co-ordinators and joint bookrunners on the fundraise. Greenhill & Co., Inc. acted as legal advisor in the transaction. Daniel O'Gorman, Richard Naish and Peter Considine of Walker Morris LLP acted as UK counsel to the sellers of Windy City Wire Cable & Technology Products, LLC.