Apax hands Ashurst Swedish healthcare sale
Ashurst has won the lead role on a €2.85bn (£1.87bn) disposal of Swedish healthcare company Molnlycke for private equity house Apax.The top 10 City firm ran two separate teams with one advising Apax on the exit and another acting for Molnlycke on a listing on the London Stock Exchange proposed as an alternative exit option.
January 29, 2007 at 05:08 AM
2 minute read
Ashurst has won the lead role on a €2.85bn (£1.87bn) disposal of Swedish healthcare company Molnlycke for private equity house Apax.
The top 10 City firm ran two separate teams with one advising Apax on the exit and another acting for Molnlycke on a listing on the London Stock Exchange proposed as an alternative exit option.
The firm initially pitched to the company for the initial public offering (IPO) last summer and was then instructed by Apax on the M&A side several weeks later.
Private equity partner Stephen Lloyd led the Ashurst M&A team advising Apax on the sale to Investor and Morgan Stanley Principal Investment. UK corporate partner Anthony Clare and US corporate partner Daniel Bushner led the team advising Molnlycke on the proposed IPO.
Ashurst is a regular adviser to Apax although the top 10 City firm did not act on the group's original investment in Molnlycke in 2005, when Kirkland & Ellis private equity partners Graham White and Raymond McKeeve – then at Linklaters – led the deal team.
Regular advisers to Apax also include panel members Weil Gotshal & Manges and Freshfields Bruckhaus Deringer.
Freshfields advised the buyers on the group's latest disposal, led by M&A partner Julian Long. Swedish leader Cederquist advised on local law while Baker & McKenzie advised the buyers on financing issues.
Herbert Smith is understood to have represented the underwriting investment banks – Deutsche Bank as global coordinator and Goldman Sachs and Merrill Lynch as joint book-runners. The team included corporate partner Christopher Haynes and US-law corporate partner Jim Wickenden.
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