Davis Polk and Latham aid Smith & Nephew's $1.7bn ArthroCare deal
Davis Polk & Wardwell and Latham & Watkins have acted on Smith & Nephew's $1.7bn (£1bn) acquisition of Texas-based ArthroCare. The deal, which was run by lawyers' at the firms' US offices, sees the British medical technology company purchase the surgical device manufacturer at a 6% premium on the Friday's market valuation.
February 04, 2014 at 08:18 AM
2 minute read
Davis Polk & Wardwell and Latham & Watkins have acted on Smith & Nephew's $1.7bn (£1bn) acquisition of Texas-based ArthroCare.
The deal, which was run by lawyers' in the firms' US offices, saw the British medical technology company purchase the surgical device manufacturer at a 6% premium on Friday's market valuation.
Smith & Nephew said it planned to expand the US business into new global markets, and develop ArthroCare's products alongside its own minimally invasive technologies division.
Davis Polk, which has recently been Smith & Newphew's go-to firm on US in-bound corporate instructions, once again acted for the FTSE 100 company, fielding a team headed by New York-based corporate partners George Bason and Michael Davis.
The white shoe firm also led for Smith & Nephew on last year's acquisition of Adler Mediequip Private Limited and the brands and assets of Sushrut Surgicals Private Limited, as well as 2012′s joint venture with Essex Woodlands.
In the UK, Smith & Nephew has in the past instructed Freshfields Bruckhaus Deringer and Ashurst on corporate mandates. In 2011, Freshfields defended the company during Johnson & Johnson's unsuccessful £7bn takeover bid.
Meanwhile, Latham & Watkins acted for ArthroCare, with Silicon Valley partner Michael Hall, Orange County partner Charles Ruck and Silicon Valley partner Josh Dubofsky heading a large deal team across six of the firm's US offices.
Other partners acting on the deal included corporate lawyer David Lee, Washington DC-based Michael Egge and Amanda Reeves on antitrust matters, and James Metz, who acted on compensation and benefits matters. Silicon Valley partner JD Marple also advised on intellectual property.
Securities and finance advice was provided by partners Joel Trotter and Wesley Holmes, with John Manthei and Stuart Kurlander handling healthcare regulatory matters, and Kirt Switzer providing tax advice.
Financial advice was provided by JP Morgan and Centerview Partners for Smith & Nephew, and Piper Jaffray & Co and Goldman Sachs for ArthroCare.
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