Magic circle duo Slaughter and May and Clifford Chance (CC) have bagged leading roles on Kohlberg Kravis Roberts & Co's (KKR's) high stakes £9.7bn bid for Alliance Boots.

CC is acting alongside Simpson Thacher & Bartlett for KKR while Slaughters is advising regular client Alliance Boots.

The deal will be seen as a coup for CC, as the top US private equity house has historically been advised by New York firm Simpson Thacher. KKR's preferred European adviser has been less clear cut, with Freshfields Bruckhaus Deringer also handling its work in the past.

Corporate partner Daniel Kossoff and Greg Conway are heading up the teams for CC and Simpson Thacher respectively. Slaughters corporate partners Frances Murphy and Robert Stern are leading the team for Alliance Boots, which rejected KKR's initial bid earlier this week (12 March).

The magic circle firm has edged aside Allen & Overy (A&O) to win the instruction after both firms were appointed lead counsel to Alliance Boots following the £6.5bn merger of Boots and Alliance Unichem last year. Slaughters acted for Boots on the merger, while A&O acted for Alliance.