City trio wrap up Smurfit Kappa IPO
Lovells, Clifford Chance (CC) and Freshfields Bruckhaus Deringer have landed lead roles on the initial public offering (IPO) of packaging company Smurfit Kappa, in a transaction that values the company at €5.5bn (£3.7bn). The cardboard box manufacturer - which is part-owned by buy-out houses CVC Capital Partners and Cinven - announced its intention to raise €1.3bn (£870m) on the Irish and London stock exchanges yesterday (14 February).
February 15, 2007 at 06:57 AM
2 minute read
Lovells, Clifford Chance (CC) and Freshfields Bruckhaus Deringer have landed lead roles on the initial public offering (IPO) of packaging company Smurfit Kappa, in a transaction that values the company at €5.5bn (£3.7bn).
The cardboard box manufacturer – which is part-owned by buy-out houses CVC Capital Partners and Cinven – announced its intention to raise €1.3bn (£870m) on the Irish and London stock exchanges yesterday (14 February).
The dual listing will be used to repay debt and values the company at between €4.4bn-€5.5bn (£2.9bn-£3.7bn).
Lovells advised Smurfit Kappa, with corporate partner Richard Brown leading the team, while CC advised Deutsche Bank as global co-ordinator and joint book-runner alongside Citigroup, Goldman Sachs and Irish bank Davy.
Freshfields acted on behalf of CVC and Cinven, led by corporate partners David Higgins, Edward Braham and Christopher Mort.
The magic circle firm previously advised CVC and Cinven on the merger between packaging group Kappa and rival Jefferson Smurfit Group in 2005 which formed Smurfit Kappa.
The deal underlines Freshfields' growing relationship with Cinven, which is also a client of top 10 City firm Ashurst, while CVC gives much of its top-end UK corporate work to CC.
Cinven has instructed Freshfields on a string of major deals in the last 12 months, including its €1.3bn (£872m) acquisition of medical equipment group Phadia from PPM Capital and Triton last November.
Freshfields also advised the buy-out giant's on its €2.57bn (£1.74bn) acquisition of Italian aerospace group Avio in August 2006 and its £560m offer for Gondola Holdings a month later.
Smurfit Kappa is Europe's largest paper packaging manufacturer, making cartons, paper sacks and packaging board. It employs over 40,000 people in 30 countries, with sales in excess of €7bn (£4.7bn).
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllQuinn Emanuel continues City recruitment with hire of Clifford Chance tax disputes head
Clifford Chance and Linklaters to launch 24-hour Brexit operations rooms
Clifford Chance and Linklaters lead the way on gas network deal
Clifford Chance and Linklaters lead the way on gas network deal
Trending Stories
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250