Freshfields checks in for antitrust role on $3bn United-Continental tie-up
Freshfields Bruckhaus Deringer has taken a role alongside a trio of US firms on the $3bn (£2bn) tie-up of United Airlines and Continental Airlines, reports The Am Law Daily. The deal, which has created the world's largest carrier by passenger traffic, will see the newly-merged company retain the name United. Both carriers had previously considered a merger two years ago, but that deal collapsed over concerns about oil prices and $537m (£353m) in first-quarter losses by United that year.
May 04, 2010 at 04:48 AM
3 minute read
Freshfields Bruckhaus Deringer has taken a role alongside a trio of US firms on the $3bn (£2bn) tie-up of United Airlines and Continental Airlines, reports The Am Law Daily.
The deal, which creates the world's largest carrier by passenger traffic, will see the merged company retain the name United. Both carriers had previously considered a merger two years ago, but that deal collapsed over concerns about oil prices and $537m (£353m) in first-quarter losses by United that year.
Continental turned to Freshfields, Jones Day and Vinson & Elkins for advice on the tie-up, with Jones Day M&A chair Robert Profusek and Houston M&A partner Mark Metts leading the US firm's team.
While Jones Day has previously advised other prominent players in the US aviation industry – such as American Airlines – on antitrust matters, this time the antitrust work went to Freshfields, which handled reviews of Continental's proposal to join United in the Star Alliance of global airlines last year.
The magic circle firm fielded a team from Washington DC led by partner Paul Yde, while partner Alan Ryan provided advice from Brussels.
Vinson provided securities and due diligence counsel to Continental on the merger, after handling antitrust litigation for the airline in the past.
Continental chairman and CEO Jeffery Smisek is a former corporate finance and securities partner at Vinson, while Jennifer Vogel, chief compliance officer and general counsel for Continental, is also a former Vinson corporate finance and securities partner.
Meanwhile, Cravath Swaine & Moore reprised its role representing United, after corporate partner Scott Barshay led a team from the firm advising the airline on the tie-up talks in 2008.
Barshay led the Cravath team alongside corporate governance co-chair John White, corporate partners George Zobitz, William Fogg, and Tatiana Lapushchik, antitrust partners Stuart Gold and Katherine Forrest, employee benefits partner Jennifer Conway, and tax chair Stephen Gordon.
Howrey has also taken a role for United, advising the airline on EU competition law with a team headed up by partners Trevor Soames, Geert Goeteyn and Goetz Drauz.
The combined airline surpasses Delta Air Lines as the world's largest carrier. Delta bought Northwest Airlines in April 2008 through a $3.6bn (£2.4bn) stock swap.
The Am Law Daily is the website of The American Lawyer, Legal Week's US sister title.
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