Linklaters wins deal double for trophy Freshfields client
Linklaters has acted on its first deals for regular Freshfields Bruckhaus Deringer client Dubai International Capital (DIC) for several years.
November 14, 2007 at 08:28 PM
2 minute read
Linklaters has acted on its first deals for regular Freshfields Bruckhaus Deringer client Dubai International Capital (DIC) for several years.
The firm has advised DIC – the international investment arm of Dubai Holding – on its £600m acquisition of Alliance Medical from Bridgepoint, as well as its acquisition of aluminium producer Almatis, estimated at $1.2bn (£572m).
The deals will be seen as a coup for Linklaters' private equity team as DIC has used Freshfields for most of its major deals in recent years, including its failed bid for Liverpool Football Club earlier this year.
Private equity partners Ian Bagshaw and Richard Youle led the team for Linklaters on both deals.
The Almatis deal involved the biggest debt package by a single bank since the summer liquidity crunch, with UBS underwriting a reported $800m-$1bn (£382m-£477m) in debt. Allen & Overy advised UBS on the financing with leveraged finance partner Jonathan Brownson leading.
Freshfields advised the sellers Rhone Capital and the private investment arm of the Ontario Teachers' Pension Plan on the deal, with corporate partner Matthew Cosans leading the team.
Bagshaw told Legal Week: "We did some work for DIC a while ago but then they started using Freshfields. We targeted them as a client and, with Freshfields on the sell side, we got a chance. It is difficult to get a deal done in this climate but especially one underwritten to that level – it shows the strength of our team."
On the Alliance Medical deal, Travers Smith private equity partner Charles Barter advised the sellers, Bridgepoint, while Lovells acted for Alliance Medical's management team.
Lovells private equity head Alan Greenough led the team. He was initially instructed to advise Alliance Medical before he joined Lovells from White & Case last year. It is the third deal for Lovells' private equity team in recent weeks.
Clifford Chance advised the financing banks, led by Dresdner Kleinwort.
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