Holland & Knight Team Closes $20 Million Transaction to Sell Traffic Control Products Business on Behalf of Quixote Corporation
CHICAGO – On July 25, 2008, Holland & Knight closed a $20 million transaction on behalf of longtime client Quixote Corporation to sell its Intersection Control business segment to Signal Group. Quixote's Intersection Control business segment produces and sells intelligent traffic control systems, pedestrian signals and other products for the traffic control market. The $20 million time sensitive transaction took place in less than five weeks and involved the sale of all outstanding capital stock of three Quixote subsidiaries.
Anne Hamblin Schiave led a team of Holland & Knight lawyers and professionals who worked on real estate, employee benefits including an employee stock ownership plan (ESOP), environmental, tax employment law, software licensing and intellectual property matters.
"Time was of the essence with this complex transaction," Hamblin Schiave said. "There were several components in addition to the sale of the stock that also needed to be completed in the five-week time frame."
Quixote Corporation is the world’s leading developer and manufacturer of energy-absorbing highway crash cushions, electronic wireless sensing and measuring devices, weather forecasting stations, computerized highway advisory radio, flexible post delineators and other transportation safety products and services. Since 1969, it is estimated that its crash cushions have saved over 50,000 lives worldwide and prevented countless injuries.
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