White & Case LLP - News - White & Case Advises on Segro PLC's Acquisition, Equity Offering and Bond Tender Offer Transaction

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White & Case Advises on Segro PLC's Acquisition, Equity Offering and Bond Tender Offer Transaction
White & Case advises on one of the UK’s most high profile transactions in 2009, which will create a company with a £5.5 billion property portfolio

London, July 31, 2009 ... Global law firm White & Case LLP is advising the investment banks acting on the multi-faceted transaction for SEGRO Plc, which relates to the acquisition of Brixton Plc. The transaction's combined value is approximately £685 million, consisting of a £250 million equity placing and open offer, a £325 million bond tender offer and the all share acquisition of Brixton Plc, which values Brixton Plc at £109.4 million.

The acquisition of Brixton Plc by SEGRO Plc, the leading industrial property company formerly known as Slough Estates, brings together two of the oldest property companies in the UK, each of which was established more than 80 years ago. It also creates the largest industrial REIT in Europe by property portfolio value, with the combined company having a property portfolio valued at £5.5 billion.

"This is one of the most high profile transactions this year in the UK involving a public M&A deal," comments Philip Broke, partner, White & Case. "Consolidation deals similar to this will be a trend seen across a number of sectors over the coming months as companies look at strategic opportunities to acquire businesses that position them well for the upturn."

The Firm advised J.P. Morgan Cazenove and UBS Investment Bank in their capacity as financial advisers to SEGRO Plc on the acquisition and advised J.P. Morgan Cazenove, UBS Investment Bank and Merrill Lynch International in their capacity as joint sponsors and joint bookrunners on the placing and open offer.

"Secondary issues have been commonplace this year," comments Andrew Caunt, partner, White & Case. "The key difference here is that the capital raising was just one part of a wider transaction that involved the strategic acquisition of another company."

The Firm advised on the placement by SEGRO Plc of 47,548,742 new ordinary shares in connection with the acquisition of Brixton plc, alongside SEGRO Plc's placing and open offer of 119,047,619 new ordinary shares at 210p per share.

In addition to the acquisition and the placing and open offer, the transaction included a simultaneous tender offer by SEGRO Plc to buy back all of Brixton Plc's £275 million 6% Bonds due 2010 and some of its £150 million 5.25% Bonds due 2015 and £210 million 6% Bonds due 2019. White & Case is acting as counsel to the dealer managers, J.P. Morgan Cazenove and UBS Investment Bank, on the bond tender offer.

"We are delighted to have advised the investment banks on this transaction, which was effectively three different transactions rolled into one," comments Carter Brod, partner, White & Case. "Our role on this deal demonstrates the breadth of our corporate finance capabilities and the extent to which White & Case has established itself as one of the leading advisers on high-end transactions in the UK market."

The White & Case team was led by partners Carter Brod, Philip Broke and Andrew Caunt, assisted by partners David Cox and Peita Menon and by associates Melissa Butler, Imogen Collingwood, James Johnson, Jonathan Langley, James Meakin, James Mountain and Victoria Weir.

About White & Case
White & Case LLP is a leading global law firm with 36 offices in 25 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices.

Contacts:
Ian Kitts
EMEA Media Relations & Corporate Communications Mgr, White & Case
+44 20 7532 2857

Erica Howard
Media Relations Executive, White & Case
+44 20 7532 2852

	Press Releases
Expertise Capital Markets Mergers & Acquisitions Corporate Real Estate Lawyers Philip Broke Melissa Butler David Cox Jonathan Langley Peita Menon Victoria Weir Locations London	White & Case Advises on Segro PLC's Acquisition, Equity Offering and Bond Tender Offer Transaction White & Case advises on one of the UK’s most high profile transactions in 2009, which will create a company with a £5.5 billion property portfolio London, July 31, 2009 ... Global law firm White & Case LLP is advising the investment banks acting on the multi-faceted transaction for SEGRO Plc, which relates to the acquisition of Brixton Plc. The transaction's combined value is approximately £685 million, consisting of a £250 million equity placing and open offer, a £325 million bond tender offer and the all share acquisition of Brixton Plc, which values Brixton Plc at £109.4 million. The acquisition of Brixton Plc by SEGRO Plc, the leading industrial property company formerly known as Slough Estates, brings together two of the oldest property companies in the UK, each of which was established more than 80 years ago. It also creates the largest industrial REIT in Europe by property portfolio value, with the combined company having a property portfolio valued at £5.5 billion. "This is one of the most high profile transactions this year in the UK involving a public M&A deal," comments Philip Broke, partner, White & Case. "Consolidation deals similar to this will be a trend seen across a number of sectors over the coming months as companies look at strategic opportunities to acquire businesses that position them well for the upturn." The Firm advised J.P. Morgan Cazenove and UBS Investment Bank in their capacity as financial advisers to SEGRO Plc on the acquisition and advised J.P. Morgan Cazenove, UBS Investment Bank and Merrill Lynch International in their capacity as joint sponsors and joint bookrunners on the placing and open offer. "Secondary issues have been commonplace this year," comments Andrew Caunt, partner, White & Case. "The key difference here is that the capital raising was just one part of a wider transaction that involved the strategic acquisition of another company." The Firm advised on the placement by SEGRO Plc of 47,548,742 new ordinary shares in connection with the acquisition of Brixton plc, alongside SEGRO Plc's placing and open offer of 119,047,619 new ordinary shares at 210p per share. In addition to the acquisition and the placing and open offer, the transaction included a simultaneous tender offer by SEGRO Plc to buy back all of Brixton Plc's £275 million 6% Bonds due 2010 and some of its £150 million 5.25% Bonds due 2015 and £210 million 6% Bonds due 2019. White & Case is acting as counsel to the dealer managers, J.P. Morgan Cazenove and UBS Investment Bank, on the bond tender offer. "We are delighted to have advised the investment banks on this transaction, which was effectively three different transactions rolled into one," comments Carter Brod, partner, White & Case. "Our role on this deal demonstrates the breadth of our corporate finance capabilities and the extent to which White & Case has established itself as one of the leading advisers on high-end transactions in the UK market." The White & Case team was led by partners Carter Brod, Philip Broke and Andrew Caunt, assisted by partners David Cox and Peita Menon and by associates Melissa Butler, Imogen Collingwood, James Johnson, Jonathan Langley, James Meakin, James Mountain and Victoria Weir. About White & Case White & Case LLP is a leading global law firm with 36 offices in 25 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices. Contacts: Ian Kitts EMEA Media Relations & Corporate Communications Mgr, White & Case +44 20 7532 2857 Erica Howard Media Relations Executive, White & Case +44 20 7532 2852