Dewey & LeBoeuf has fielded a large cross-border team advising drinks company CEDC on its $1.2bn (£736m) high yield financing and equity acquisition of Russian Alcohol Group (RAG).

After entering into a joint venture agreement with vodka producer RAG in spring 2008, CEDC has now agreed to buy out RAG via a $310m (£191m) US stock offering and a $950m (£583m) dual offering of euro and dollar senior secured high yield notes.

The money raised was used to purchase the remaining stake in RAG from investors, including Lion Capital, pay down around $300m (£184m) of debt and redeem existing high yield notes.

The Dewey team was led out of London and New York with City-based M&A partner Stephen Horvath heading up the acquisition side of the deal alongside corporate partner Simon Briggs. The London team also included banking and institutional finance chair Bruce Johnston and tax partners Fred Gander and Julio Castro.

Horvath told Legal Week: "The changes to the deal over the past 18 months reflect the unprecedented conditions in the markets over this period, but we were able to support our client to take advantage of the recent improvements in the high yield and equity markets. The deal was exceedingly complicated because of the competing requirements of creditors and other investors, but CEDC and Lion created enough room to manoeuvre to reach a successful result."

The US firm's Frankfurt, Moscow, Warsaw and Washington offices were also involved on the deal.

New York-based corporate finance head Frank Adams led on the finance aspects of the transaction with a team including fellow corporate finance partner Christopher Peterson.

Lion Capital turned to regular adviser Weil Gotshal & Manges which fielded a team led by private equity partner Ian Hamilton alongside corporate associate James Harvey.

The deal closed on 9 December, subject to local competition authority approval.