Top Tier Duo Secure Roles on £3.4BN Vodafone Mega Bond
The firms are advising on the convertible bond that will be used to fund Vodafone's €18.4 billion takeover of Liberty Global.
March 07, 2019 at 10:18 AM
2 minute read
Vodafone, Credit: Jason Alden/Bloomberg
Magic circle firm duo Linklaters and Allen & Overy are advising on the financing of telecommunications behemoth Vodafone's latest expansion.
The UK-headquartered multinational conglomerate is using a £3.4 billion convertible bond to finance its €18.4 billion acquisition of the European assets of US telecoms business Liberty Global.
The deal will see Vodafone expand its mobile, cable television and broadband services across the continent with the acquisition of businesses in Germany, Hungary, Romania and the Czech Republic, including Unitymedia, one of Germany's largest cable networks.
Linklaters is advising longstanding client Vodafone on the bond issuing, with a team including capital markets partners Richard O'Callaghan and Vinay Samani.
A&O is representing the financing banks BNP Paribas, Bank of America Merrill Lynch, HSBC, JP Morgan and Morgan Stanley. Its team includes capital markets partners Daniel Fletcher, Daniel Shurman, Richard Tredgett and Ross Stewart.
Linklaters said the bonds will be issued in two stages of £1.72bn each, which will each convert into ordinary Vodafone shares in March 2021 and March 2022 respectively.
Fellow magic circle firms Slaughter and May and Freshfields Bruckhaus Deringer are advising on the transactional terms of the deal.
Slaughters is advising Vodafone, fielding a team led by M&A head Roland Turnill, alongside corporate partner Susannah Macknay and competition partners Claire Jeffs and Kerry O'Connell.
Freshfields is advising Liberty Global with a pan-European team including M&A partner David Sonter alongside IP/IT partner David Brooks, tax partner Peter Clements, employment partner Alice Greenwell and Brussels competition partner Sascha Schubert.
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