Mergers & Acquisitions

Calpine Corporation acquisition by Constellation

We advised Calpine Corporation on its agreement with Constellation (NASDAQ: CEG) under which Constellation will acquire Calpine in a cash and stock transaction valued at an equity purchase price of approximately US$16.4 billion, composed of 50 million shares of Constellation stock and US$4.5 billion in cash, plus the assumption of approximately US$12.7 billion of Calpine net debt.

EchoStar Corporation in strategic transactions with AT&T and SpaceX

We advised EchoStar Corporation (NASDAQ: SATS) on the successful entry into definitive agreements with respect to certain of its valuable wireless spectrum licenses, including (i) a license purchase agreement with AT&T pursuant to which AT&T will acquire EchoStar's nationwide 3.45 GHz and 600 MHz for approximately US$23 billion and (ii) a license purchase agreement with SpaceX pursuant to which SpaceX will acquire EchoStar's AWS-4 and H-block spectrum licenses for approximately US$17 billion, consisting of up to US$8.5 billion in cash and US$85.B in SpaceX stock valued as of entry into the definitive license purchase agreement, together with SpaceX's agreement to fund an aggregate of an additional approximately US$2 billion of cash interest payments on EchoStar debt through November of 2027.

Nomura Holdings America acquisition of Macquarie's US and European public asset management business

We advised Nomura Holdings America Inc., the US arm of the Nomura Group, a global financial services group and one of Japan's largest investment banks and brokerage group, on its proposed US$1.8 billion acquisition of Macquarie's US and European public asset management business.

Ares Management funds equity investment in Leaf Home

We advised Ares Management funds on its preferred equity investment in Leaf Home alongside Gridiron Capital and co-investors.

CVC on its acquisition of a significant stake in Epicor

We advised CVC on the entry into an agreement by funds managed by CVC to acquire a significant ownership position in Epicor, a global provider of industry-specific enterprise software to promote business growth, from Clayton, Dubilier & Rice LLC.

Expansion of Brookfield Infrastructure data center JV

We advised global infrastructure company Brookfield Infrastructure on the investment by Reliance Industries Ltd. in Brookfield's joint venture with Digital Realty Ltd. to develop high-quality, highly connected scalable data centers to meet the critical infrastructure needs of enterprises and digital services companies in India. The joint venture will operate under the brand name Digital Connexion: A Brookfield, Jio and Digital Realty Company.

Brookfield Renewable sale of wind and solar projects in Uruguay

We advised Brookfield Renewable, a global operator and developer of renewable power and transition assets, on its sale of two wind farms, the 52 MW Carape I and the 43 MW Carape II, and a solar PV plant, the 26 MW Alto Cielo in Uruguay, to Cubico Sustainable Investments.

Banca Monte dei Paschi di Siena on €16.5 billion acquisition of stake in Mediobanca

We advised Banca Monte dei Paschi di Siena (MPS) on its successful voluntary public tender and exchange offer for the ordinary shares of Mediobanca.

Deliveroo's £2.9 billion sale to DoorDash

Deliveroo plc on its recommended £2.9 billion all-cash acquisition by NYSE-listed DoorDash, Inc.

Eni €4.9 billion acquisition of Neptune Energy

We advised Eni S.p.A. in connection with its acquisition of Neptune Energy Group Limited, a leading independent exploration and production company with a portfolio of gas-oriented assets and operations in Western Europe, North Africa, Indonesia and Australia, for a total value of €4.9 billion.

Saudi Aramco acquisition of interest in Rongsheng Petrochemical

We advised Saudi Aramco on its US$3.6 billion acquisition of an interest in Shenzhen-listed Rongsheng Petrochemical Company, the majority shareholder in Zhejiang Petroleum and Chemical Co., which owns and operates China's largest single refining and chemicals complex.

Nordic Capital sale of Macrobond

We advised private equity investor Nordic Capital on its sale of Macrobond, a global technology platform providing economic and financial data, to California-based tech investor Francisco Partners.

Georg Fischer €2.1 billion offer for Uponor

We advised Georg Fischer AG, a company offering products and solutions enabling the safe transport of liquids and gases, on its €2.1 billion voluntary recommended public cash tender offer for all the shares in Uponor, a global provider of solutions that move water through cities, buildings and homes.

MidEuropa €1.3 billion sale of Profi

We advised private equity firm MidEuropa on the €1.3 billion sale of Profi Rom Food, a chain of 1,600-plus supermarket and convenience stores in Romania, to Ahold Delhaize, a Dutch-Belgian listed multinational retail and wholesale holding company. It is the largest-ever private equity grocery sale in continental Europe.

Toyota Tsusho Corporation's US$1.34 billion acquisition of Radius Recycling

We advised Toyota Tsusho Corporation, a Japanese sōgō shōsha, on its US$1.34 billion acquisition of Radius Recycling, Inc. (NASDAQ: RDUS), a leading North American metal recycling and steel manufacturing company.

US$1.2 billion equity financing of DayOne Data Centers Limited

We advised DayOne Data Centers Limited, a subsidiary of GDS Holdings Limited and a leading developer and operator of high-performance data centers in China and Southeast Asia, on its US$1.2 billion Series B equity financing, valuing DayOne Data Centers Limited at US$3.69 billion. The transaction was recognized as "Deal of the Year 2024 for Private Equity and Venture Capital" by China Business Law Journal 2024. The Firm also advised DayOne Data Centers Limited on its Series A equity financing.

US$1.875 billion sale of Botswana copper mine

We advised various investment funds as the sellers of an indirect interest in the Khoemacau copper mine in Botswana to MMG Limited for an enterprise value of US$1.875 billion.

Aareal Bank take-private offer

We advised Goldman Sachs Asset Management's Hybrid Capital team on forming a consortium, alongside Advent, Centerbridge, CPPIB and LGT Group, to launch a take-private offer for Aareal Bank AG, an international specialist property financing bank listed on the Frankfurt Stock Exchange, for a consideration of €29 per share and an implied equity value of €1.8 billion.