Ashurst scoops major role on €1.9bn French energy buyout
Ashurst has sealed a major role in one of the largest leveraged buy-outs (LBOs) in France this year, acting for the banks on a €1.9bn (£1.4bn) deal to buy a stake in power conversion company Converteam Group. The City law firm has advised HSBC, Natixis, the Royal Bank of Scotland and Societe Generale on their roles providing finance to private equity group LBO France to fund its acquisition of a one-third stake in Converteam. The Ashurst team was led by Paris-based finance partner Laurent Mabilat, assisted by corporate partner Bertrand Delaunay and tax partner Nadine Gelli. Frankfurt-based finance partner Stephan Kock and senior associate Miriam Petri also advised on the deal.
October 22, 2008 at 10:36 PM
2 minute read
Ashurst, Mayer Brown and SJs advise on one of the largest European LBOs of the year
Ashurst has sealed a major role in one of the largest leveraged buy-outs (LBOs) in France this year, acting for the banks on a €1.9bn (£1.4bn) deal to buy a stake in power conversion company Converteam Group.
The City law firm has advised HSBC, Natixis, the Royal Bank of Scotland and Societe Generale on their roles providing finance to private equity group LBO France to fund its acquisition of a one-third stake in Converteam. The Ashurst team was led by Paris-based finance partner Laurent Mabilat, assisted by corporate partner Bertrand Delaunay and tax partner Nadine Gelli. Frankfurt-based finance partner Stephan Kock and senior associate Miriam Petri also advised on the deal.
LBO France turned to Mayer Brown, with finance partner Jean-Pierre Lee leading the Paris-based team, assisted by corporate partner Xavier Jaspar and tax co-head Laurent Borey.
As part of the agreement, one-third of the group is now held by Barclays Private Equity France, one-third is held by LBO France and the rest by the Converteam management team.
Barclays instructed SJ Berwin, led by Paris M&A partner Maxence Bloch, assisted by tax partner Fanny Combourieu. Negotiations on the deal, which completes this month, started in July.
The transaction is one of a handful of sizable leveraged buy-outs in Europe in recent months. An earlier deal in July this year also saw Ashurst involved, advising JPMorgan on the £1.1bn sale of Foodvest to private equity group Lion Capital by CapVest.
On that deal, Weil Gotshal & Manges won the role for regular client Lion Capital, while DLA Piper was instructed for frozen food manufacturer Foodvest. Linklaters also took a role as main counsel to the seller, private equity group CapVest.
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