Linklaters and Freshfields lead on $2.5bn Glencore agribusiness sell-off
Magic circle firms lead on the sale of Glencore's agribusiness to Canada Pension Plan Investment Board
April 06, 2016 at 06:55 AM
2 minute read
Linklaters and Freshfields Bruckhaus Deringer are leading on the sale of a 40% stake in commodities business Glencore's agricultural arm to Canada Pension Plan Investment Board (CPPIB) for $2.5bn (£1.77bn).
The sale is part of Glencore's strategy to reduce its debt burden and restructure its business in the light of a slump in world commodities prices.
The sale values Glencore Agri at $6.25bn (£4.4bn). In the year to 31 December 2015 the business reported profit before tax of $524m (£372m).
Linklaters is a long-time adviser to Glencore and has acted for numerous deals for the commodities giant, including its 2013 merger with miner Xstrata and its $5bn (£3.55bn) disposal of the Las Bambas copper mine in Peru, also in 2013.
Linklaters team is being led by corporate partner and regular Glencore adviser David Avery-Gee.
Avery-Gee acted on the aforementioned deals alongside senior corporate partner Charlie Jacobs and was engaged by Glencore to advise on a $2.5bn (£1.77bn) capital raising in September 2015 as part of Glencore's debt-reduction strategy.
Freshfields team is being led by corporate partners Richard Thexton and David Higgins. Winfred Knibbeler, Freshfields Amsterdam managing partner, is advising on competition issues.
CPPIB is a longstanding Freshfields client, and has instructed the firm on numerous previous deals including its 2010 bid, alongside Canadian private equity company Onex, to buy British engineering firm Tomkins. Freshfield's team was also led by Higgins on that occasion.
Thexton and Higgins also teamed up in 2014 to advise Singapore's sovereign wealth fund GIC on its purchase of a stake in roadside assistance provider RAC.
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