The four firms acting on the first Welsh PFI road project are claiming that the "sheer chemistry" between them meant the deal was completed in record time.
Allen & Overy (A&O), Wilde Sapte, Cameron McKenna and Freshfields were the advisers on the A55 extension across Anglesey, which closed in just eight weeks from the appointment of the preferred bidder.
The road extension, scheduled to be completed in 2001, is one of 10 commissioned for the Trans-European network.
It will ensure improved trade links between Holyhead and the rest of Europe.
A&O's Alex Pease, who represented the lenders, Dresdner Kleinwort Benson and Dai-Ichi Kangyo Bank, put the speed of the deal down the chemistry between the law firms, the banks and the sponsors.
Howard Barrie, head of Wilde Sapte's project finance practice, who advised the Welsh Office, agreed. He said: "Co-operation between our client the Welsh Office, the bidders, the lenders and the respective teams of lawyers… was very good and led to financial close in record time."
Cameron McKenna's Andrew Ivison said the deal was a "one-off", based on the fact that so many of the individuals – not just in the firms – knew each other extremely well and had worked together in the past.
Ivison acted on behalf of successful bidder, UK Highways A55. In the past he has represented European Investment Bank, one of the lenders in this project. Its adviser, in this case, was Freshfields.