City quartet advise as private equity houses complete $1.4bn Brit buyout
Clifford Chance (CC), Macfarlanes, Ashurst and Linklaters are among a line-up of eight law firms advising on the $1.4bn (£883m) acquisition of Brit Insurance by private equity giants Apollo Global Management and CVC Capital Partners, reports The Am Law Daily. CC, Sullivan & Cromwell and NautaDutilh are acting for the private equity consortium, with the CC team headed up by M&A partners Kem Ihenacho and Patrick Sarch.
October 27, 2010 at 06:17 AM
2 minute read
Clifford Chance (CC), Macfarlanes, Ashurst and Linklaters are among a line-up of eight law firms advising on the $1.4bn (£883m) acquisition of Brit Insurance by private equity giants Apollo Global Management and CVC Capital Partners, reports The Am Law Daily.
CC, Sullivan & Cromwell and NautaDutilh are acting for the private equity consortium, with the CC team headed up by M&A partners Kem Ihenacho and Patrick Sarch (pictured).
The magic circle firm handled the $200m (£126m) initial public offering (IPO) for Apollo's commercial real estate finance unit last year and served as corporate counsel to CVC-controlled Elster Group on its $150m (£95m) IPO last month.
US firm Sullivan is fielding a team led by corporate partners Tim Emmerson and Benjamin Perry.
Emmerson told Legal Week in August – after Apollo and CVC made their initial offer for Brit – that the prospective deal was notable because "UK and Dutch takeover panels have shared jurisdiction over [the company] and Brit Insurance is quite a complex insurance business."
Sullivan has a close relationship with CVC. The firm recently advised the private equity house on a $2bn (£1.3bn) buy-in to portfolio company Univar, while both Sullivan and CC sat across the table from CVC last year when Barclays sold its iShares unit to the private equity firm for £3bn.
Benelux firm NautaDutilh is providing local law advice for the consortium, as Brit is headquartered in Amsterdam.
Meanwhile, Brit is being advised by a team of lawyers from City firm Macfarlanes led by corporate partners Graham Gibb and Charles Martin. US firm Paul Weiss Rifkind Wharton & Garrison is also advising Brit, with Dutch counsel provided by De Brauw Blackstone Westbroek.
Ashurst corporate partner Adrian Clark and finance partner Mark Vickers are advising Bank of America Merrill Lynch, the financial adviser to Achilles Netherlands Holdings, a newly-incorporated company set up by the private equity consortium to take control of Brit.
Linklaters is serving as counsel to a syndicate of banks providing financing for the deal.
The Am Law Daily is a blog on law.com, Legal Week's US affiliate title.
For more, see Sullivan and Macfarlanes lead on $1.3bn insurance takeover bid
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