Mergers & Acquisitions | White & Case
Mergers and Acquisitions

Mergers & Acquisitions

Acquisitions, divestitures and joint ventures have always been an important strategic option for corporations, financial institutions and private equity investors.  Our clients rely on our advice to help understand and assess these options and execute their most complex transactions. Our global depth and breadth support our clients in both their domestic deals and their most complex multijurisdictional transactions.

Clients value our innovative approach and high degree of individualized attention. Our goal is to deliver superior service, earn your trust and build our relationship. Together with our clients, we have been involved in a number of market "firsts." Our knowledge and experience enable us to devise creative deal structures, win auctions, design acquisition and disposition programs and implement productive strategies for acquirers, sellers or acquisition targets.

Global presence, sector focus and cross-practice insight

Our clients include leading multinationals, major commercial and investment banks, private equity funds, entrepreneurs and smaller visionaries. We help clients close deals across industries, especially:

  • Private equity
  • Financial institutions
  • Natural resources, including energy, oil and gas, metals and mining
  • Infrastructure
  • Technology, media and telecommunications
  • Healthcare and pharmaceuticals
  • Chemicals
  • Industrials
  • Real estate

Our global footprint ensures we can counsel clients no matter where they are based. Our strong presence in developed and emerging markets and our ability to offer a distinct blend of US, UK and local law insight provide our clients unique perspective into legal implications and local market conditions.

We regularly collaborate with other practices within our firm to bring our clients the best specialized knowledge and experience that is relevant to their transactions, most notably in antitrust, financing, tax, employee benefits, real estate, regulatory, intellectual property, restructuring and litigation.

 

AWARDS

Top Five Global M&A Law Firm
Thomson Reuters 2013

Ranked Tier 1 for Corporate/M&A
Brazil, Czech Republic, Finland, Hungary, India, Israel, Mexico, New York, Miami, Slovakia, Turkey, and US
Chambers 2014

Named "US M&A and Buyout Team of the Year"
The Legal 500 2014

Ranked #1 Counsel to Investment Advisors for M&A (by Number of Deals and by Deal Value)
Corporate Control Alert, The Deal 2014

Top Legal Advisor for M&A in Natural Resources (including power, metals and mining and oil and gas)
Mergermarket 2014

ZIMMER HOLDINGS
US$13.35 Billion Acquisition of Biomet, 2014

We represented Zimmer Holdings, Inc., a world leader in musculoskeletal health solutions, in its US$13.35 billion acquisition of Biomet, Inc., one of the world's leading medical device manufacturers.

FORTIS
US$4.3 Billion Acquisition of UNS Energy, 2014

We represented Fortis Inc., Canada's largest investor-owned gas and electric distribution utility, in its US$4.3 billion acquisition of UNS Energy Corporation. This transaction follows our representation of Fortis in its US$1.5 billion acquisition of CH Energy Group Inc., marking the company’s initial entry into the US.

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED (ICBC)
Acquisition of BEA, 2012

We represented Industrial and Commercial Bank of China Limited (ICBC), the largest bank in the world in terms of total market capitalization, customer deposits and net profit, in the acquisition of an 80 percent interest in The Bank of East Asia (USA) National Association. The transaction, which marks the first-ever acquisition of a US retail bank by a Chinese bank, was featured as one of the "Most Innovative M&A Transactions in the United States" by The Financial Times (2012). The transaction also received an "M&A Deal of the Year Award" by The M&A Advisor (2012) and Asian-MENA Counsel (2012) and was named "Outbound M&A Deal of the Year" by China Business Law Journal (2012).

Acquisition of Standard Bank

We represented ICBC on its £462 million acquisition of a majority stake in Standard Bank Plc. The result of the deal is a joint venture between ICBC and Standard Bank Group, Asia’s largest bank and Africa’s largest bank.

MMG LIMITED
US$7 Billion Acquisition of Las BAMBAS Copper Project, 2014

We represented Australia's MMG Limited and the MMG-led consortium (which includes Guoxin International Investment Corporation Limited and CITIC Metal Co., Ltd.) in the US$7 billion acquisition of the Las Bambas copper project in Peru from Glencore Xstrata plc. This deal won the "Global M&A Deal of the Year, Latin America/Peru" award by The American Lawyer 2014.

REGAL BELOIT CORPORATION
Acquisition of Power Transmission Solutions Business of Emerson Electric Co., 2014

We represented Regal Beloit Corporation, a leading global manufacturer of electric products, in its US$1.44 billion acquisition of the Power Transmission Solutions business of Emerson Electric Co.

GFI GROUP INC.
Successful completion of a tender offer by BGC Partners, 2014

We represented the Special Committee of the Board of Directors of GFI Group Inc., (NYSE: GFIG), the New York brokerage and clearing house, in the successful completion of a tender offer by BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company, for the outstanding shares of GFI, resulting in an equity value of approximately US$780 million and an enterprise value of US$1 billion. The closing of the tender offer is the final result of a competitive bidding process and the transaction marks one of the most complex hostile M&A transactions.

DISH NETWORK CORPORATION
US$25.5 Billion Unsolicited Proposal to Acquire Sprint Nextel Corporation, 2013

We represented DISH Network Corporation, a leader in satellite TV, equipment sales and support worldwide, in its US$25.5 billion unsolicited proposal to acquire Sprint Nextel Corporation. The transaction was one of the largest deals of 2013 and was a challenging unsolicited transaction involving the attempted breakup of an existing merger agreement between Sprint and SoftBank as well as Sprint's then pending acquisition of the outstanding shares of Clearwire that it did not already own.

DYNEGY, INC.
Acquisition of Duke Energy Assets, 2015

We represented Dynegy Inc., the third largest independent power producer in the United States, in its US$2.8 billion acquisition of ownership interests in certain Midwest generation assets from Duke Energy Corp. The sale included 11 Duke natural gas, coal and oil power plants in Ohio, Pennsylvania and Illinois as well as its retail sales business. The transaction was part of a US$6.25 billion acquisition of power plants from Duke Energy Corp. and private equity firm Energy Capital Partners, almost doubling Dynegy’s generating capacity less than a year after emerging from bankruptcy protection.  In 2012, we represented Dynegy in structuring and implementing an internal reorganization to create separate coal-fired and gas-fueled power generation units and two new senior secured credit facilities for its new CoalCo and GasCo subsidiaries totaling US$1.7 billion.

AAR
US$28 Billion Sale of 50 Percent Stake in TNK-BP, 2013

We represented AAR Consortium in relation to the US$28 billion sale of its 50 percent stake in TNK-BP, a leading Russian oil company and one of the world's top 10 privately-owned oil companies, to Rosneft. The deal was awarded “Global M&A Deal of the Year” by The American Lawyer in 2013.

SAUDI ARAMCO
US$20 Billion Joint Venture with Dow Chemical, 2013

We advised Saudi Aramco with respect to its joint venture with The Dow Chemical Company to build and operate a US$20 billion world-scale integrated chemicals complex in Jubail Industrial City, Saudi Arabia. Our representation includes advising on all of the corporate/M&A aspects of the project development and project financing.  The multi-sourced Sadara transaction is the largest-ever project financing in the chemicals sector.

AVAST SOFTWARE
Sale of Minority Stake to CVC Capital Partners, 2014

We represented Avast Software, one of the world's major players in the antivirus market, and a selling shareholder consortium, on the sale of a significant minority stake to CVC Capital Partners, one of the world's leading private equity firms. Supporting the successful completion of the deal included advising on the new US borrower financing that supported CVC’s acquisition of an approximate 40 percent interest in Avast, which values the Prague-based business at around US$1 billion.

ABB Group
Cross-border carve out of Full Service business, 2014

We represented ABB Group, the leading power and automation technology group, on the divestment of its Full Service business to Nordic Capital Fund VIII. This transaction involved teams across the global network, including Brussels, Budapest, Frankfurt, Hamburg, Johannesburg, Los Angeles, Mexico City, Milan, New York, Prague, Singapore and Stockholm.

COMEX
Acquisition by PPG Industries, 2014

In the largest M&A transaction in Mexico in 2014, we represented Consorcio Comex, a landmark Mexican family-owned leading paint and coatings company, and its shareholders, in the US$2.3 billion acquisition of Comex Mexico by PPG Industries, Inc.

LABREGAH REAL ESTATE COMPANY
Acquisitions, 2014

We represented Labregah Real Estate Company, a wholly-owned subsidiary of Qatari Diar Real Estate Investment Company, and Barwa Real Estate Company Q.S.C. on several matters, including: the approximately US$2.07 billion acquisition by Labregah of Barwa City, a large-scale residential development project in Doha, Qatar; Labregah's US$2.5 billion acquisition of a 95 percent stake in Barwa Commercial Avenue Company for approximately ; on the US$673 million acquisition by Qatar Diar from Barwa of 37.33 percent stake Barwa Bank, a Shari'ah-compliant Qatari bank and the sale of Barwa City Real Estate Company LLC to the General Retirement and Social Insurance Authority (GRSIA), the national pension fund of the State of Qatar. This is the largest ever M&A deal in Qatar and was recognized as "Domestic Deal of the Year 2014" at the IFLR Middle East Awards.

Mergers & Acquisitions
About

Acquisitions, divestitures and joint ventures have always been an important strategic option for corporations, financial institutions and private equity investors.  Our clients rely on our advice to help understand and assess these options and execute their most complex transactions. Our global depth and breadth support our clients in both their domestic deals and their most complex multijurisdictional transactions.

Clients value our innovative approach and high degree of individualized attention. Our goal is to deliver superior service, earn your trust and build our relationship. Together with our clients, we have been involved in a number of market "firsts." Our knowledge and experience enable us to devise creative deal structures, win auctions, design acquisition and disposition programs and implement productive strategies for acquirers, sellers or acquisition targets.

Global presence, sector focus and cross-practice insight

Our clients include leading multinationals, major commercial and investment banks, private equity funds, entrepreneurs and smaller visionaries. We help clients close deals across industries, especially:

  • Private equity
  • Financial institutions
  • Natural resources, including energy, oil and gas, metals and mining
  • Infrastructure
  • Technology, media and telecommunications
  • Healthcare and pharmaceuticals
  • Chemicals
  • Industrials
  • Real estate

Our global footprint ensures we can counsel clients no matter where they are based. Our strong presence in developed and emerging markets and our ability to offer a distinct blend of US, UK and local law insight provide our clients unique perspective into legal implications and local market conditions.

We regularly collaborate with other practices within our firm to bring our clients the best specialized knowledge and experience that is relevant to their transactions, most notably in antitrust, financing, tax, employee benefits, real estate, regulatory, intellectual property, restructuring and litigation.

 

AWARDS

Top Five Global M&A Law Firm
Thomson Reuters 2013

Ranked Tier 1 for Corporate/M&A
Brazil, Czech Republic, Finland, Hungary, India, Israel, Mexico, New York, Miami, Slovakia, Turkey, and US
Chambers 2014

Named "US M&A and Buyout Team of the Year"
The Legal 500 2014

Ranked #1 Counsel to Investment Advisors for M&A (by Number of Deals and by Deal Value)
Corporate Control Alert, The Deal 2014

Top Legal Advisor for M&A in Natural Resources (including power, metals and mining and oil and gas)
Mergermarket 2014

Experience

ZIMMER HOLDINGS
US$13.35 Billion Acquisition of Biomet, 2014

We represented Zimmer Holdings, Inc., a world leader in musculoskeletal health solutions, in its US$13.35 billion acquisition of Biomet, Inc., one of the world's leading medical device manufacturers.

FORTIS
US$4.3 Billion Acquisition of UNS Energy, 2014

We represented Fortis Inc., Canada's largest investor-owned gas and electric distribution utility, in its US$4.3 billion acquisition of UNS Energy Corporation. This transaction follows our representation of Fortis in its US$1.5 billion acquisition of CH Energy Group Inc., marking the company’s initial entry into the US.

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED (ICBC)
Acquisition of BEA, 2012

We represented Industrial and Commercial Bank of China Limited (ICBC), the largest bank in the world in terms of total market capitalization, customer deposits and net profit, in the acquisition of an 80 percent interest in The Bank of East Asia (USA) National Association. The transaction, which marks the first-ever acquisition of a US retail bank by a Chinese bank, was featured as one of the "Most Innovative M&A Transactions in the United States" by The Financial Times (2012). The transaction also received an "M&A Deal of the Year Award" by The M&A Advisor (2012) and Asian-MENA Counsel (2012) and was named "Outbound M&A Deal of the Year" by China Business Law Journal (2012).

Acquisition of Standard Bank

We represented ICBC on its £462 million acquisition of a majority stake in Standard Bank Plc. The result of the deal is a joint venture between ICBC and Standard Bank Group, Asia’s largest bank and Africa’s largest bank.

MMG LIMITED
US$7 Billion Acquisition of Las BAMBAS Copper Project, 2014

We represented Australia's MMG Limited and the MMG-led consortium (which includes Guoxin International Investment Corporation Limited and CITIC Metal Co., Ltd.) in the US$7 billion acquisition of the Las Bambas copper project in Peru from Glencore Xstrata plc. This deal won the "Global M&A Deal of the Year, Latin America/Peru" award by The American Lawyer 2014.

REGAL BELOIT CORPORATION
Acquisition of Power Transmission Solutions Business of Emerson Electric Co., 2014

We represented Regal Beloit Corporation, a leading global manufacturer of electric products, in its US$1.44 billion acquisition of the Power Transmission Solutions business of Emerson Electric Co.

GFI GROUP INC.
Successful completion of a tender offer by BGC Partners, 2014

We represented the Special Committee of the Board of Directors of GFI Group Inc., (NYSE: GFIG), the New York brokerage and clearing house, in the successful completion of a tender offer by BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company, for the outstanding shares of GFI, resulting in an equity value of approximately US$780 million and an enterprise value of US$1 billion. The closing of the tender offer is the final result of a competitive bidding process and the transaction marks one of the most complex hostile M&A transactions.

DISH NETWORK CORPORATION
US$25.5 Billion Unsolicited Proposal to Acquire Sprint Nextel Corporation, 2013

We represented DISH Network Corporation, a leader in satellite TV, equipment sales and support worldwide, in its US$25.5 billion unsolicited proposal to acquire Sprint Nextel Corporation. The transaction was one of the largest deals of 2013 and was a challenging unsolicited transaction involving the attempted breakup of an existing merger agreement between Sprint and SoftBank as well as Sprint's then pending acquisition of the outstanding shares of Clearwire that it did not already own.

DYNEGY, INC.
Acquisition of Duke Energy Assets, 2015

We represented Dynegy Inc., the third largest independent power producer in the United States, in its US$2.8 billion acquisition of ownership interests in certain Midwest generation assets from Duke Energy Corp. The sale included 11 Duke natural gas, coal and oil power plants in Ohio, Pennsylvania and Illinois as well as its retail sales business. The transaction was part of a US$6.25 billion acquisition of power plants from Duke Energy Corp. and private equity firm Energy Capital Partners, almost doubling Dynegy’s generating capacity less than a year after emerging from bankruptcy protection.  In 2012, we represented Dynegy in structuring and implementing an internal reorganization to create separate coal-fired and gas-fueled power generation units and two new senior secured credit facilities for its new CoalCo and GasCo subsidiaries totaling US$1.7 billion.

AAR
US$28 Billion Sale of 50 Percent Stake in TNK-BP, 2013

We represented AAR Consortium in relation to the US$28 billion sale of its 50 percent stake in TNK-BP, a leading Russian oil company and one of the world's top 10 privately-owned oil companies, to Rosneft. The deal was awarded “Global M&A Deal of the Year” by The American Lawyer in 2013.

SAUDI ARAMCO
US$20 Billion Joint Venture with Dow Chemical, 2013

We advised Saudi Aramco with respect to its joint venture with The Dow Chemical Company to build and operate a US$20 billion world-scale integrated chemicals complex in Jubail Industrial City, Saudi Arabia. Our representation includes advising on all of the corporate/M&A aspects of the project development and project financing.  The multi-sourced Sadara transaction is the largest-ever project financing in the chemicals sector.

AVAST SOFTWARE
Sale of Minority Stake to CVC Capital Partners, 2014

We represented Avast Software, one of the world's major players in the antivirus market, and a selling shareholder consortium, on the sale of a significant minority stake to CVC Capital Partners, one of the world's leading private equity firms. Supporting the successful completion of the deal included advising on the new US borrower financing that supported CVC’s acquisition of an approximate 40 percent interest in Avast, which values the Prague-based business at around US$1 billion.

ABB Group
Cross-border carve out of Full Service business, 2014

We represented ABB Group, the leading power and automation technology group, on the divestment of its Full Service business to Nordic Capital Fund VIII. This transaction involved teams across the global network, including Brussels, Budapest, Frankfurt, Hamburg, Johannesburg, Los Angeles, Mexico City, Milan, New York, Prague, Singapore and Stockholm.

COMEX
Acquisition by PPG Industries, 2014

In the largest M&A transaction in Mexico in 2014, we represented Consorcio Comex, a landmark Mexican family-owned leading paint and coatings company, and its shareholders, in the US$2.3 billion acquisition of Comex Mexico by PPG Industries, Inc.

LABREGAH REAL ESTATE COMPANY
Acquisitions, 2014

We represented Labregah Real Estate Company, a wholly-owned subsidiary of Qatari Diar Real Estate Investment Company, and Barwa Real Estate Company Q.S.C. on several matters, including: the approximately US$2.07 billion acquisition by Labregah of Barwa City, a large-scale residential development project in Doha, Qatar; Labregah's US$2.5 billion acquisition of a 95 percent stake in Barwa Commercial Avenue Company for approximately ; on the US$673 million acquisition by Qatar Diar from Barwa of 37.33 percent stake Barwa Bank, a Shari'ah-compliant Qatari bank and the sale of Barwa City Real Estate Company LLC to the General Retirement and Social Insurance Authority (GRSIA), the national pension fund of the State of Qatar. This is the largest ever M&A deal in Qatar and was recognized as "Domestic Deal of the Year 2014" at the IFLR Middle East Awards.