Milbank bags E1.45bn Veolia deal
New York duo Milbank Tweed Hadley & McCloy and White & Case have bagged roles on French water giant Veolia Environnement's A1.45bn (£987m) acquisition of Sulo Group from Apax and Blackstone.
May 09, 2007 at 10:33 PM
1 minute read
New York duo Milbank Tweed Hadley & McCloy and White & Case have bagged roles on French water giant Veolia Environnement's A1.45bn (£987m) acquisition of Sulo Group from Apax and Blackstone.
White & Case Hamburg corporate partner Frank Evers is leading the team advising the buyer. Milbank is representing the private equity houses with Munich-based corporate partner Peter Nussbaum and tax partner Rolf Fueger spearheading the team.
Paris-based Veolia will pay A500m (£342m) and take on A950m (£650m) of debt to buy Sulo, Germany's second-biggest waste management company.
In Germany, Apax has traditionally called on Milbank or Skadden Arps Slate Meagher & Flom, although Freshfields Bruckhaus Deringer also picked up a secondary role on this deal, advising the private equity houses on competition issues with Duesseldorf partner Burkhard Richter taking the lead.
The sale is the latest in a glut of German secondary buy-outs. Other recent examples include Blackstone's A1.3bn (£886m) acquisition of plastic manufacturer Kloeckner Pentaplast from Cinven.
Simpson Thacher & Bartlett and Gleiss Lutz teamed up to advise Blackstone while elite German independent Hengeler Mueller and Freshfields advised Cinven.
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