An ‘all over the place’ market which saw Coronavirus impact transactions did not stop Clifford Chance (CC) from advising on two high-profile mandates, as DLA Piper led on Danone’s acquisition of Harrogate Water.
CC advised US-based private equity investment firm Clayton, Dubilier & Rice on its £400m acquisition of healthcare communications and public relations group Huntsworth. Huntsworth provides marketing and medical communication services to pharmaceutical companies and recently reported revenue of £264.9m for 2019. Continue reading “Dealwatch: CC beats Coronavirus jitters with two mandates as DLA drinks up Danone deal”
Kirkland & Ellis has this week won roles advising on one of the largest European private equity transactions since the financial crisis and the UK’s largest-ever private real estate transaction.
Kirkland advised private equity houses Advent International, Cinven and the RAG foundation in their €17.2bn acquisition of Thyssenkrupp’s elevator business and acted for Blackstone in its $4.7bn purchase of iQ Student Accommodation. Continue reading “Dealwatch: Kirkland lift first Cinven mandate since Maguire hire as Links, Gowling and Jones Day bed roles in week of PE records”
Amid a relative dearth of substantial European buyouts recently, the proposed €6.2bn acquisition by France’s Alstom of the rail business of Canadian counterpart Bombardier will come as a boon for the international offices of Cleary Gottlieb Steen & Hamilton and Norton Rose Fulbright.
Alstom said on Monday (17 February) it had signed an agreement with Bombardier and its shareholder the Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) to acquire 100% of the shares in Bombardier Transportation for between €5.8bn and €6.2bn. Continue reading “Dealwatch: Big-ticket M&A back on track as Cleary and NRF lead on Alstom’s €6.2bn rail acquisition”
A dearth of megadeals in 2019 did little to dampen the spirits of dealmakers with buyout teams capitalising on the ongoing private equity boom while wider pharma and tech deals drove bid activity.
On the face of it, headline figures from Mergermarket speak of a subdued year, with global M&A activity declining 6.9% from 2018 to $3.33trn. The picture in Europe was considerably more gloomy, with the continent seeing a 21.9% dive in total deal value to $770.5bn. Continue reading “Sponsors, pharma and tech fire up deal activity despite a subdued year for marquee M&A in Europe”
Weil Gotshal & Manges and Mayer Brown have advised on the sale of Nestlé’s US ice cream business to Froneri for $4bn.
Froneri is an ice cream focused joint venture by Nestlé and PAI Partners created in 2016. The deal means that brands such as Häagen-Dazs, Edy’s, Drumstick and Dreyer’s will join its portfolio which already includes Movenpick, Green & Blacks and Cadbury’s ice cream. Continue reading “Dealwatch: Weil and Mayer Brown scoop leads on Nestlé’s $4bn US ice cream business sale”
The take-private market has cooled after a prolonged spree of deals across Europe but US investors have continued to pile cash into non-domestic assets, with Kirkland & Ellis, Latham & Watkins, Baker McKenzie and Simpson Thacher & Bartlett all commanding lead roles on multi-billion-dollar transactions with a tech flavour in recent weeks.
Blackstone’s proposed $3bn acquisition of a majority stake in MagicLab, the London-based dating and social networking app start-up, spelled instant attraction for transatlantic teams from Simpson Thacher and Bakers. Continue reading “A boon for Global London firms on big-ticket buyouts as US investors target hot tech assets”
In a busy week for UK buyouts, Slaughter and May advised Daily Mail and General Trust on the £49.6m acquisition from JPIMedia of i newspaper and its website by its consumer media business, DMG Media.
The Slaughters team was led by corporate partner Rebecca Cousin while an Ashurst team led by corporate partner Braeden Donnelly advised JPIMedia Group. Continue reading “Dealwatch: Slaughters and Ashurst make headlines on i newspaper sale as DLA and A&O dine out on Bookatable acquisition”
Allen & Overy and Ashurst won leading roles on the £1.2bn Silvertown Tunnel project, the only big-ticket UK-led deal this week in a market awash with US buyouts.
A&O advised a consortium including Aberdeen Standard Investments, BAM PPP PGGM, Cintra, Macquarie and SK Group on the Silvertown Tunnel PPP with a team led by David Lee and including partners Mark Walker and Sara Pickersgill. Continue reading “Dealwatch: A&O and Ashurst close £1.2bn UK tunnel project as US-led buyouts take centre stage”
Simpson Thacher & Bartlett has picked up two high-profile mandates advising Blackstone on the acquisition of MagicLab alongside the Hong Kong listing of Chinese ecommerce giant Alibaba.
Elsewhere, Linklaters and Clifford Chance (CC) led on Chinese steelmaker Jingye Steel and Iron’s acquisition of British Steel. Continue reading “Deal watch: Simpson Thacher conjures Blackstone and Alibaba mandates as Linklaters and CC lead on British Steel takeover”
The European teams of Allen & Overy (A&O) and Linklaters are set to bring in a total of more than €4m in legal fees after acting on the largest European listing of the year.
Meanwhile in London, Addleshaw Goddard and Norton Rose Fulbright acted on the £600m financing of the latest phase in the redevelopment of Battersea Power Station. Continue reading “Dealwatch: Rich pickings for A&O and Linklaters on €120bn tech listing as Addleshaws wins Battersea redevelopment”