Cleary and CC land €3.5bn Iberia airline bid
Cleary Gotlieb Steen & Hamilton and Clifford Chance (CC) have bagged lead roles advising on TPG Capital's €3.4bn (£2.3bn) takeover bid for Spanish national airline Iberia. Cleary is understood to be advising private equity fund TPG Capital - a regular client of the Manhattan firm - with London banking and finance partner Simon Jay leading the team. Spanish leader Cuatrecasas is advising TPG Capital - formerly known as Texas Pacific Group - on local law.
April 02, 2007 at 07:07 AM
2 minute read
Cleary Gotlieb Steen & Hamilton and Clifford Chance (CC) have bagged lead roles advising on TPG Capital's €3.4bn (£2.3bn) takeover bid for Spanish national airline Iberia.
Cleary is understood to be advising private equity fund TPG Capital – a regular client of the Manhattan firm – with London banking and finance partner Simon Jay leading the team. Spanish leader Cuatrecasas is advising TPG Capital – formerly known as Texas Pacific Group – on local law.
Meanwhile, CC is advising Iberia, Spain's largest airline, on what represents a significant mandate for the magic circle firm's local practice.
In 2005 CC bagged a lead role on the £30bn takeover battle for Spanish utilities giant Endesa – Europe's largest bid that year. However, the firm took only a secondary role behind City rival Simmons & Simmons on the £17.7bn takeover of O2 by Spanish telecoms giant Telefonica last year.
The latest deal comes with CC's Italian arm currently advising Air One on its bid for flagship Italian airline Alitalia.
It is thought that British Airways – which usually instructs Slaughter and May for its corporate work and currently holds a 10% stake in Iberia – is considering making a defensive bid for the group or may alternatively sell its share to TPG.
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