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Linklaters joins SullCrom and Cravath on $65bn Linde and Praxair megadeal

Sullivan & Cromwell, Cravath, Swaine & Moore, Linklaters and Hengeler Mueller have won roles on another potential mega merger, between US and German oil and gas giants Praxair and Linde.

The two companies confirmed the deal yesterday (20 December), creating a company with revenues of around $30bn and a combined market value of more than $65bn. The combined company will be a ‘merger of equals’ with shareholders from each party holding around 50% of the new company, which will be branded as Linde on the New York and Frankfurt stock exchanges.

Cravath US-based head of European M&A Richard Hall led on the deal for Linde, alongside partner Aaron Gruber who acted on M&A matters and Len Teti who advised on tax.

Linklaters is advising on regulatory and antitrust issues with New York-based partner Thomas McGrath and Brussels head Bernd Meyring while Hengeler Mueller corporate partner Maximilian Schiessl is also advising the Munich-headquartered company.

Sullivan & Cromwell is advising Praxair on the deal. The team was led by New York corporate partners Keith Pagnani, Krishna Veeraraghavan and Frankfurt-based partner Carsten Berrar.

The deal has been under consideration for some time, with the two companies confirming talks over the summer before they were called off in September.

Other megadeals this year have included AT&T’s $85.4bn bid to takeover Time Warner, with Sullivan & Cromwell and Arnold & Porter advising AT&T, while Cravath acted for Time Warner.

Sullivan & Cromwell also scored a spot acting on the largest deal confirmed in the first half of 2016, when the New York firm advised Bayer in $62bn takeover attempt of Monsanto. Allen & Overy is also acting for Bayer on the financing of the transaction under Frankfurt-based finance partner Neil Weiand in another key US/German deal.

Wachtell, Lipton, Rosen & Katz advised Monsanto through the potential acquisition. The Bayer/Monsanto deal ultimately closed in September after Bayer returned with an improved $66bn takeover bid.