2018 Annual Review


We advised on 282 announced M&A deals of more than US$380 billion in aggregate value

Highlights of our work in 2018

Italy's largest-ever LBO
We advised CVC Capital Partners on the financing and M&A aspects of the acquisition of 51.8 percent of publicly listed Recordati SpA (through FIMEI SpA, the family holding company) and subsequent tender, Italy's largest-ever LBO. The debt financing included an innovative dual-tranche €1.3 billion high yield bond issuance by Luxembourg company Rossini Srl.

Anthem healthcare acquisitions
We represented Anthem, Inc. (NYSE: ANTM), a leading US health benefits company, in a series of acquisitions including Aspire Health, Inc., the US's largest non-hospice community-based palliative care provider; America's 1st Choice, a for-profit Medicare Advantage Organization; and HealthSun Health Plans Inc., a Florida Medicare Advantage health plan and healthcare delivery network.

Sonic fast food restaurant chain acquisition
We represented Roark Capital Group and its portfolio company, Inspire Brands, Inc., in Inspire Brands' US$2.3 billion acquisition of Sonic Corp., (Nasdaq: SONC) an Oklahoma-based drive-in fast food restaurant chain.

Sony acquisition of EMI Music Publishing interest
We represented Sony Corporation (NYSE: SNE)in its acquisition of all of the equity interest in EMI Music Publishing held by a consortium of investors led by Mubadala Investment Company. The consortium sold its approximately 60 percent equity interest in EMI to Sony Corporation of America, Sony's US-based subsidiary, for approximately US$2.3 billion.

PPF Group €2.8 billion CEE telecom acquisition
We advised global investor PPF Group on its acquisition of Telenor's telecommunication assets in Central and Eastern Europe, the largest-ever M&A transaction in the CEE telecoms sector, and the largest loan syndication in the region since 2011.

EchoStar offer for Inmarsat
We represented US satellite group EchoStar in its proposed offer of £3.2 billion for Inmarsat plc, the UK-based satellite operator, an offer that Inmarsat rejected.

UK fiber infrastructure acquisition
We represented Antin Infrastructure Partners and Goldman Sachs's West Street Infrastructure Partners in their acquisition of CityFibre Infrastructure, the UK's largest alternative provider of wholesale fiber network infrastructure, by way of a scheme of arrangement.

Sale of IAT's small block diesel engine business
We are representing Japanese industrial group IHI Corp. and its wholly owned subsidiary IHI Agri-Tech Corporation (IAT) in the sale of IAT's small block diesel engine business to Caterpillar Inc. and its subsidiary, Perkins Engines Company Ltd. The transaction encompasses 18 definitive agreements and includes the sale and dissolution of joint ventures in the US, UK and China.

Animal health products acquisition
We advised the Bulgarian group Huvepharma, a global pharmaceutical company specializing in the development, production and commercialization of human and animal health products, on its acquisition of the Animal Health Division of Neovia (InVivo Group).

PepsiCo US$3.2 billion purchase of SodaStream
We represented SodaStream International Ltd. (Nasdaq: SODA), a leading manufacturer and distributor of sparkling water makers, in its sale to PepsiCo, Inc.

US$5.6 billion healthcare merger
We represented healthcare provider LifePoint Health, Inc. (Nasdaq: LPNT) in its US$5.6 billion merger with healthcare provider RCCH HealthCare Partners.

Brookfield CAD 4.3 billion acquisition of Enercare
We represented Brookfield Asset Management in its CAD 4.3 billion acquisition of Enercare Inc., one of North America's largest home and commercial services companies.

Deutsche Telekom acquisition in the Netherlands
We advised Deutsche Telekom on the acquisition of Tele2 Netherlands by its Dutch subsidiary, T-Mobile Netherlands. The combination of the two mobile network operators created a strong third player on the Dutch market and was approved unconditionally after a Phase II investigation by the European Commission.

CVC Capital Partners acquisition of ConvergeOne Holdings
We advised CVC Capital Partners on its acquisition of ConvergeOne Holdings, Inc. (Nasdaq: CVON), a leading global IT and managed services provider of collaboration and technology solutions, through an all-cash tender offer valued at approximately US$1.8 billion.

€4.6 billion tender offer for Amer Sports
We advised Finland-headquartered sporting goods company Amer Sports Corporation on the voluntary recommended cash tender offer for all of its shares by an investorconsortium formed by ANTA Sports, FountainVest, Anamered Investments and an affiliate of Tencent.

US$3.5 billion cross-border restructuring
We represented the management team of SGX-listed commodities trader Noble Group Limited (NGL), in its cross-border US$3.5 billion debt-for-equity restructuring, whereby the business and assets of NGL were transferred to a new holding company (Noble Group Holdings) as a private entity held by creditors (70 percent), NGL shareholders (20 percent) and management (10 percent).


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