Weil Gotshal & Manges is among a trio of law firms advising on Access Industries' purchase of a controlling stake in Israel's Clal Industries and Investments (CII), in a deal which values the Tel Aviv-listed holding company at $665m (£423m).

The deal has seen Israeli business group IDB Development sell 49.9% of its 60.5% stake in CII to Access, receiving 16.19 Israeli shekel (£2.70) per share.

US firm Weil advised US industrial group Access, fielding a London-based team led by private equity partner Marco Compagnoni (pictured), with support from tax partner Jonathan Kandel and corporate associates John Newton and Oliver Walker.

Israeli law firm Herzog Fox & Neeman also advised Access led by Tel Aviv corporate and securities chief Ehud Sol, while Goldfarb Seligman & Co was instructed by seller IDB Development, led by corporate partner Nechama Brin.

CII's portfolio of industry-related investments includes technology companies, venture capital and biotechnology. Access chairman and founder Len Blavatnik commented: "CII is attractive to Access with strong complementary assets to [our] current portfolio."

The news comes after a period of significant growth for Weil, which earlier this month hired a five-partner corporate team from Dewey & LeBoeuf's Silicon Valley office led by partner Richard Climan.

In April the firm doubled its office space in Kong Hong, saying it intended to grow through a mixture of lateral hires and organic growth, while the London office has also seen a number of recent key hires from firms including Clifford Chance, Jones Day and Linklaters.