A&O and DLA Piper lead on £1.1bn drinks dispenser business to Berkshire Hathaway
Allen & Overy and DLA Piper have won the advisory roles on UK engineering giant IMI on the proposed $1.1bn (£691m) sale of UK engineering giant IMI's drinks dispense and merchandising businesses to the Berkshire Hathaway-controlled Marmon Group.
October 17, 2013 at 05:56 AM
2 minute read
Allen & Overy and DLA Piper have won the advisory roles on UK engineering giant IMI on the proposed $1.1bn (£691m) sale of UK engineering giant IMI's drinks dispense and merchandising businesses to the Berkshire Hathaway-controlled Marmon Group.
A&O's New York and London offices took the lead for IMI. In London, M&A partner Mark Gearing headed the team for the magic circle firm, while New York M&A partner Peter Harwich led in the US.
DLA Piper acted for Marmon Holdings, fielding Chicago-based partner Jason Levin, who is the relationship partner for the company. Marmon assistant GC Daniel Hanrahan led the company's in-house legal team.
IMI's beverage business makes drinks dispensers that are supplied to PepsiCo, Coca-Cola and McDonald's. Its merchandising arm produces product displays for retailers including Microsoft.
The company is selling both units to the Marmon Group, a Chicago-based industrial company owned by Berkshire Hathaway, in a deal that is expected to close in the first quarter of 2014.
Following the sale, IMI is also returning £620m from the sale to shareholders and placing £70m in the company's pension fund.
IMI company secretary and head of legal John O'Shea led the internal legal team for the company.
Earlier this year Berkshire Hathaway, which is owned by US billionaire Warren Buffett, led an investment consortium on its $28bn (£18bn) acquisition of food giant Heinz, with Davis Polk & Wardwell, Kirkland & Ellis and Wachtell Lipton Rosen & Katz all scoring advisory roles.
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