Allen & Overy has bagged a plum role alongside McDermott Will & Emery as international counsel on the $65bn (£32.4bn) spin-off by Tyco International of two of its divisions, the magic circle law firm announced today (4 July).

A&O fielded a mammoth 300-lawyer team to advise on the corporate restructuring for the spin-off of Tyco's healthcare and electronics businesses to its shareholders.

The spin-off will separate Tyco International into three independent, publicly-traded companies, with both of the new companies floating on the New York Stock Exchange.

The A&O team, which was pooled from offices across its network, was led by New York corporate partner Dan Cunningham and London-based corporate partners Mark Wippell and Gillian Holgate. Corporate partner Marc Feider in Luxembourg also played a key role.

McDermott advised on US law, while Gibson Dunn & Crutcher also bagged a role, advising on financing.

Washington DC corporate partner Karen Dewis led the team for Chicago-based McDermott, while New York corporate partner Steve Finley took the lead role for Los Angeles giant Gibson Dunn.