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International Edition

Weil Gotshal leads as $3.9bn PE sale ends record hotel group bankruptcy

A raft of US firms have taken roles on the bankruptcy of Extended Stay Hotels, the largest Chapter 11 case ever filed by a US hotel owner, reports The Am Law Daily. The hotel chain operator, which operates 700 hotels throughout the US and Canada, was sold to a private equity consortium last Friday (8 October) in a $3.9bn (£2.5bn) deal after filing for bankruptcy in New York in June 2009.
2 minute read

International Edition

Freshfields and Hogan act on milestone German 'bad bank' deal

Freshfields Bruckhaus Deringer, Hogan Lovells and Mayer Brown have taken lead roles on the transfer of €173bn (£152bn) in distressed debt from German bank Hypo Real Estate (HRE) to a specially-created 'bad bank'. The deal sees the portfolio of loans and securities transferred to FMS Wertmanagement, which was set up to take on distressed assets from HRE, one of Germany's largest commercial property lenders.
2 minute read

International Edition

Big-ticket M&A boosts Q3 deals but partners remain guarded on upturn

Global M&A activity for the third quarter has risen against 2009, with the European and US markets seeing marked increases in deal volume over the period. A total of 2,599 deals worth a combined $512.4bn (£322bn) were announced during the last quarter, up from 2,421 deals worth $321.3bn (£202bn) during the same period last year, according to the latest figures from Legal Week's exclusive data provider Mergermarket.
3 minute read

International Edition

Slaughters and US law duo advise on Liverpool takeover boardroom battle

A raft of law firms are advising on the potential sale of Liverpool Football Club to Boston Red Sox owners New England Sport Ventures (NESV), amid a boardroom wrangle at the club. Slaughter and May, Weil Gotshal & Manges and Shearman & Sterling are advising the Liverpool board, US owners Tom Hicks and George Gillett and NESV respectively on the proposed takeover.
3 minute read

International Edition

A&O's New York office takes lead on $930m sale of landmark Boston tower

Allen & Overy's US arm has advised on the $930m (£585m) sale of Boston's iconic John Hancock Tower to a US real estate investment trust, reports The Am Law Daily. Boston Properties, which is headed up by US publishing billionaire Mortimer Zuckerman, purchased the tower in a deal comprising $290m (£182m) in cash and $640m (£403m) in assumed debt.
2 minute read

International Edition

Shearman and Skadden lead on €1.7bn sale of metal packaging co

A duo of US law firms has taken lead roles on a €1.7bn (£1.5bn) deal that will form a new worldwide food packaging group. The deal, which was financed in the high-yield bond market, handed roles to both Shearman & Sterling and Skadden Arps Slate Meagher & Flom. It saw Dublin-headquartered Ardagh Glass buy Dutch metal packaging company Impress Cooperative from private equity house Doughty Hanson. Under the terms of the deal, Ardagh will offer the €1.7bn (£1.5bn) in secured and unsecured notes in both euros and US dollars in order to fund the acquisition.
2 minute read

International Edition

Freshfields advises Wolseley on tax-prompted Swiss move

Freshfields Bruckhaus Deringer has won the mandate to advise FTSE 100 plumbing and heating group Wolseley on its relocation to Switzerland for tax reasons. The magic circle firm advised the longstanding client on the move after the company failed to obtain a "clear enough view" from the coalition Government on its plans with regard to the UK's corporation tax regime.
2 minute read

International Edition

US duo on $21.5bn telecoms mega-merger

US firms Akin Gump Strauss Hauer & Feld and Cleary Gottlieb Steen & Hamilton have taken the lead roles on a $21.5bn (£13.5bn) tie-up which will create one of the world's biggest telecom companies. Russian telecoms operator VimpelCom is set to acquire Weather Investments in the first quarter of 2011, handing the company a presence in 20 countries across the world. Akin Gump is advising VimpelCom with a team led by London partner Dan Walsh alongside corporate partners Fred Heller, Pat Dooley and Sebastian Rice.
2 minute read

International Edition

Bird & Bird and DLA Piper win roles on £300m healthcare PPP

Bird & Bird and DLA Piper have taken lead advisory roles on a public-private partnership (PPP) between support services company Serco Group and King's College Hospital NHS Foundation Trust in a deal worth in excess of £300m. King's College Trust, advised by DLA Piper, is the latest addition to GSTS Pathology, a joint venture between Guy's & St Thomas' NHS Foundation Trust and Serco.
2 minute read

International Edition

Travers and Camerons lead on £120m sale of PE firm spin-off

Travers Smith and CMS Cameron McKenna have taken lead roles on private equity firm 3i's sale of National Car Parks (NCP) spin-off company NSL Services to a European buyout house. Travers private equity head Philip Sanderson led a team advising 3i on the £120m sale to AAC Capital Partners. The deal signed last week (20 September) and is set to close next month.
2 minute read

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