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International Edition

Links and CC win roles on £5bn GDF deal as M&A activity bursts into life

Linklaters and Clifford Chance (CC) have lined up to advise on the £5bn reverse takeover of International Power by French utility business GDF Suez as the M&A market last week burst into life. CC is acting for longstanding client International Power, fielding a team under corporate partners David Pudge and Brendan Moylan and banking partner Andrew Grenville. Linklaters was brought on board for GDF Suez, with London-based corporate partner Matthew Middleditch advising. French leader Bredin Prat is acting as local counsel for the utility giant, with corporate partners Patrick Dziewolski and Matthieu Pouchepadass heading up the team.
3 minute read

International Edition

Linklaters' Singapore JV firm advises on $2.6bn hospital chain buyout

Linklaters' Singapore joint venture firm Allen & Gledhill has taken a lead role on the $2.6bn (£1.7bn) acquisition of Southeast Asia's largest hospital chain by Malaysia's sovereign wealth fund, reports The Am Law Daily. The bid by a wholly-owned subsidiary of Khazanah Nasional, an investment arm of the Malaysian Government, beat out a $2.3bn (£1.5bn) bid by India's Fortis Healthcare to acquire hospital chain Parkway Holdings. Khazanah was represented on the deal by Allen & Gledhill, Singapore's largest law firm. M&A co-heads Andrew Lim and Lim Mei led the team, which also included partner Lee Kee Ying. Allen & Gledhill also is advising Deutsche Bank and CIMB Bank Berhad, the financial advisers on the deal.
2 minute read

International Edition

SJ Berwin and Cleary act for buyout houses on $1.9bn frozen food sale

SJ Berwin and Cleary Gottlieb Steen & Hamilton have advised on private equity firm BC Partners' $1.9bn (£1.2bn) sell-off of its French frozen food business to Lion Capital, reports The Am Law Daily. SJ Berwin took the lead role for buyout house Lion Capital on its acquisition of Picard Surgeles, reportedly the largest leveraged buyout in France since 2008. Lion Capital, which was formed in April 2005 after splitting off from HM Capital Partners, specialises in acquiring consumer products companies such as Weetabix, lingerie retailer La Senza, restaurant chain Wagamama, and t-shirt retailer American Apparel.
2 minute read

International Edition

Slaughters, CC act on €805m Unilever sell-off as M&A revival continues

Slaughter and May and Clifford Chance (CC) have won lead roles on the €805m (£677m) sale of Unilever's Italian frozen food business. The deal, which was announced earlier this week (19 July), will see Birds Eye Iglo acquire the Findus Italy business from its current owner Unilever, with Slaughters acting for the seller and CC winning the buyer's instruction. Slaughters' Italian 'best friend' firm Bonelli Erede Pappalardo took the main local law role with the two firms advising the clients as an integrated team.
2 minute read

International Edition

Bakers and Olswang mark up roles on $31m Paperchase MBO

Baker & McKenzie and Olswang have advised on the $31m (£20.5m) private equity-backed management buyout of Borders' Paperchase business. Olswang advised Primary Capital on the deal, which saw the private equity group take a 70% stake in stationery business Paperchase, with the existing management team taking the remainder of the shares. The Olswang team was led by private equity partner Stephen Rosen, with support from associates Carsten Greve, Victoria Chandler and Gordon Geiser.
2 minute read

International Edition

Camerons and Slaughters win roles on $7bn BP asset sale

CMS Cameron McKenna has won a trophy role on BP's $7bn (£4.7bn) asset sale, joining Sullivan & Cromwell and a host of international law firms, writes The American Lawyer. The sale to Houston-based Apache - which involved oil and gas assets in Canada, Egypt and the US - is part of a bid by BP to shore up its balance sheet and cope with mounting costs stemming from the controversial oil leak in the Gulf of Mexico. Sullivan & Cromwell served as global coordinating counsel to BP on the deal. James Morphy, the former head of the firm's M&A practice, advised BP along with M&A partner and IP co-head John Evangelakos and finance partner Christine Spillane.
3 minute read

International Edition

Magic circle trio line up on £2.5bn sale of Durex manufacturer

Slaughter and May, Allen & Overy (A&O) and Clifford Chance (CC) have secured roles on the £2.5bn sale of Durex manufacturer SSL to cleaning products group Reckitt Benckiser. Slaughters advised Reckitt Benckiser with a team including corporate partner Jeffrey Twentyman and associates Anna Lee and Dan Won. The deal team included finance partners Andrew Balfour and Andrew McClean, competition partner Claire Jeffs and pensions and employment partner Eddie Codrington.
2 minute read

International Edition

Eversheds and SJ Berwin hit sweet spot with roles on ice cream takeover

Eversheds has advised R&R Ice Cream on the takeover of French ice cream manufacturer Rolland. The deal will make R&R the second-biggest selling ice cream manufacturer in terms of supermarket sales in the UK, Germany and France. The Eversheds team was led by Eric Knai, a partner in the firm's Paris corporate group.
2 minute read

International Edition

BLP and A&O lead on £958m Tesco sale and leaseback arrangement

Berwin Leighton Paisner (BLP) and Allen & Overy (A&O) have taken the top roles on a £1bn sale and leaseback agreement for Tesco. The deal, valued at £958m in total, saw BLP advise regular client Tesco on the transaction, which covers 41 of the supermarket's UK stores.
2 minute read

International Edition

Magic circle duo head up £1bn Northern Irish energy M&A deal

Magic circle firms Slaughter and May and Linklaters have acted on a £1bn energy M&A deal in Northern Ireland. The transaction, which was announced on 7 July, saw Government-owned electricity utility company ESB buy Northern Ireland Electricity (NIE), the Northern Irish electricity transmission and distribution business of the Viridian Group, as well as its associated electrical contracting businesses.
2 minute read

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