Links and Herbies bag £1.2bn Biffa buy-out
Linklaters and Herbert Smith have taken the lead roles on the £1.2bn acquisition of waste management company Biffa by a private equity consortium. Linklaters advised the buyers, which were led by longstanding Silk Street clients Montagu Private Equity and Global Infrastructure Partners (GIP). Private equity partner Richard Youle and banking partner Adam Freeman led the team for the City giant.
February 08, 2008 at 09:40 AM
2 minute read
Linklaters and Herbert Smith have taken the lead roles on the £1.2bn acquisition of waste management company Biffa by a private equity consortium.
Linklaters advised the buyers, which were led by longstanding Silk Street clients Montagu Private Equity and Global Infrastructure Partners (GIP). Private equity partner Richard Youle and banking partner Adam Freeman led the team for the City giant.
Linklaters has advised Montagu on a number of transactions, including the acquisition of BCA Holdings and the sale of Open International. It has also acted for GIP on the acquisition of London City Airport and Great Yarmouth Ports.
Herbert Smith acted for the target, with corporate partners Stephen Wilkinson and Alan Montgomery leading the team advising Biffa.
GIP took additional advice from Slaughter and May, while the lending banks turned to Lovells.
US firm Shearman & Sterling also won a role on the deal, with M&A partner Laurence Levy acting for a line-up of financial advisers that included Deutsche Bank, Merrill Lynch International and UBS.
Despite the turmoil in the global credit markets, the deal was financed with around £1bn of debt provided by a banking consortium including Bank of Scotland Corporate, Barclays Capital, Credit Suisse and HSBC.
Biffa recommended the takeover today (8 February) although speculation is already mounting that at least one counter-bid is likely.
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