Milbank, Vedder Price advise as Macquarie signs $4bn AWAS aircraft deal
Milbank advises aircraft leasing company AWAS while Vedder Price acts for Australian banking group Macquarie
March 09, 2015 at 09:03 PM
2 minute read
Milbank Tweed Hadley & McCloy's London arm and Vedder Price have advised as Macquarie Group agreed to acquire 90 aircraft from Dublin-based AWAS Aviation Capital in a deal worth $4bn (£2.7bn).
The sale is expected to close within 12 months.
Milbank acted for aircraft leasing company AWAS and its owners: private equity house Terra Firma, which has a 75% stake, and Canada Pension Plan Investment Board, which owns the remaining 25%.
James Cameron, head of Milbank's London transportation practice, co-led the firm's team alongside New York transportation partner Helfried Schwarz and London corporate partner Mark Stamp.
In London the team also included tax partner Russell Jacobs, leveraged finance partner Neil Caddy and competition partner Nicholas Spearing.
Vedder Price advised Australian banking group Macquarie on the agreement and funding arrangements for the acquisition, which will be part of Macquarie AirFinance. The company currently leases out some 130 aircraft. The firm's team was led by Chicago transport and finance partner Geoffrey Kass.
Vedder Price has built up its City aviation team since launching in London in 2011 with the hire of former Clyde & Co aviation finance co-chief Gavin Hill. Last year it raided Norton Rose Fulbright to recruit its aviation chief, Neil Poland.
Previously, Poland advised a line-up of banks on British Airways' $1.7bn (£820m) debt facility agreement in 2007, opposite Slaughter and May.
The US firm, which has offices in Chicago, Washington, San Francisco and New York in addition to London, advises on corporate, litigation and employment matters, and has a focus on transport finance work.
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