Three US law firms – Skadden, Arps, Slate, Meagher & Flom, Latham & Watkins and Sullivan & Cromwell – leveraged long-term relationships with key corporate clients last month, seeing them land lead roles on Nokia’s bid to take over Alcatel-Lucent.
Skadden is advising longstanding client Nokia on the tie-up that values its French rival at €15.6bn and will create a technology giant worth more than €40bn. The team is led by London-based global transactions co-head Scott Simpson; Paris-based Armand Grumberg, who heads the firm’s European M&A practice; and London corporate partner Michal Berkner.
Meanwhile, Sullivan’s London chief Richard Morrissey and Paris-based partner Gauthier Blanluet are jointly leading for Alcatel-Lucent. The duo is advising alongside London partners Juan Rodriguez and Joram Lietaert Peerbolte, Palo Alto partner Nader Mousavi and Steven Holley in New York. Alcatel’s board is being represented by Latham’s Paris partners Patrick Laporte and Pierre-Louis Cléro.
Sullivan is a regular adviser to Alcatel-Lucent, having recently handled a series of high-yield transactions for the company, as well as an €8bn rights offering a year ago. The firm also often provides advice on intellectual property issues.
Speaking to Legal Business, Morrissey said: ‘This was a complicated transaction. Both companies are listed in the US as well as their home markets. These are global companies with strategic relationships around the world and with businesses governed by multiple regulations.’
Morrissey added: ‘There will be regulatory filings in numerous countries. There are antitrust filings and there are national security filings. Both companies need experienced counsel to deal with this amount of regulatory complexity.’
The deal, which has already received the French government’s approval, sees Nokia make an offer of 0.55 new Nokia shares for every Alcatel-Lucent share issued in France and the US. It is expected to close in the first half of 2016.
kathryn.mccann@legalease.co.uk