Eversheds Sutherland, Linklaters and Slaughters on board as Rolls-Royce sells marine arm for £500m
Magic circle duo among advisers as Kongsberg Gruppen acquires loss-making business
July 06, 2018 at 10:10 AM
2 minute read
Eversheds Sutherland, Linklaters and Slaughter and May are advising on Rolls-Royce's disposal of its loss-making marine arm for £500m.
Norweigan technology group Kongsberg Gruppen is set to acquire the Nordic-based business, which has operations in more than 30 countries and has an extensive maritime product and technology portfolio.
Eversheds Sutherland is advising Rolls-Royce with a team led by corporate partner Nigel Cooke. The international firm's team includes its global co-head of company commercial Keri Rees, corporate partners Robin Johnson and Amanda Partland, intellectual property partner Adrian Toutoungi, commercial partner Nick Stubbs and export control partner James Lindop. The team is supported by senior legal project manager Amanda Onions.
Cooke said: "Delivering this deal in this timeframe was fundamental to our client's strategic objectives. Drawing on the technical knowhow and experience of our multi-jurisdictional team, we worked closely with Rolls-Royce, utilising an innovative joined-up approach to successfully deliver our client's strategy. We're delighted and look forward to supporting them in the future."
Linklaters is advising Kongsberg on the acquisition, with its team led by London corporate partner Hugo Stolkin. It is understood the magic circle firm is being supported by US outfit Thomerson Freeman & Rogers.
The disposal follows a strategic review of Rolls-Royce's commercial marine operations, which was announced by the company at the start of this year.
In January, the company announced that weakened demand from the offshore oil and gas market had "significantly impacted" the marine business's profitability, with the arm generating a loss of £27m in 2016. Since 2015, Rolls-Royce has reduced the number of marine operation sites from 27 to 15 and cut its workforce by 30%.
Slaughters is acting for longstanding client Rolls-Royce on competition matters, with partners Betrand Louveaux and Will Turtle advising.
Rolls-Royce's legal team is led by general counsel Mark Gregory, who joined the company in 2005 and was promoted to the top legal role in October 2015.
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