Shearman, Debevoise and Gibson Dunn brave market to advise on $800m LBO
Shearman & Sterling, Gibson Dunn & Crutcher and Debevoise & Plimpton have taken roles on a leveraged buyout worth $800m (£664m). The deal, which included $600m (£498m) finance, saw Gibson Dunn corporate partner Paul Harter advise Investcorp and Barclays Private Equity, with NCTM handling Italian M&A aspects of the deal, which saw the acquisition of N&W Global Vending.Shearman's London office advised Investcorp and Barclays Private Equity on raising the debt to fund the acquisition, one of the largest leveraged buyouts of 2008.
December 03, 2008 at 09:34 PM
2 minute read
Shearman & Sterling, Gibson Dunn & Crutcher and Debevoise & Plimpton have taken roles on a leveraged buyout worth $800m (£664m).
The deal, which included $600m (£498m) finance, saw Gibson Dunn corporate partner Paul Harter advise Investcorp and Barclays Private Equity, with NCTM handling Italian M&A aspects of the deal, which saw the acquisition of N&W Global Vending.
Shearman's London office advised Investcorp and Barclays Private Equity on raising the debt to fund the acquisition, one of the largest leveraged buyouts of 2008.
Finance partner and London head Anthony Ward led for Shearman, advising long-term client Investcorp and Barclays.
Ward worked alongside London tax partner Iain Scoon, Paris finance partner Martin Lebeuf and Frankfurt tax partner Johannes Frey.
The debt was raised from a syndicate of eight banks – Bank of Ireland, Barclays, BNP Paribas, Calyon, ING, Intesa SanPaolo, Natixis and Societe Generale – with Intermediate Capital Group putting in mezzanine debt. Ward told Legal Week: "This is how leveraged acquisitions will be done in the foreseeable future. Completing a deal like this in the current market takes a great deal of nerve for both sponsors and banks."
Linklaters advised the lending banks with Italian co-managing partner Andrea Arosio and banking partner Davide Mencacci advising Intermediate Capital.
Debevoise led negotiations for Merrill and Argan, with corporate partner Geoffrey Burgess heading a team including finance partner Alan Davies. Italy's Gianni Origoni Grippo & Partners took a co-counsel role alongside Debevoise with M&A partner Stefano Bucci working with employment partner Saverio Schiavone on the sale of the Italian manufacturer.
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