Global law firm White & Case LLP has advised Avon Rubber p.l.c. on its agreement to sell its milkrite | InterPuls business to DeLaval Holding BV for cash consideration of £180 million on a cash and debt free basis.
"This is the second significant transaction which we have advised Avon Rubber on, following its acquisition of 3M's ballistic business which completed earlier this year," said White & Case partner Patrick Sarch, who leads the relationship with Avon Rubber. "It is particularly rewarding to have been able to play a part in helping Avon Rubber deliver on its strategy."
The transaction is subject to customary closing conditions and regulatory approvals, with completion expected to take place in the final quarter of 2020.
Avon Rubber is a FTSE-250 innovative technology group which designs and produces specialist products and services to maximise the performance and capabilities of its customers. This is an important strategic transaction for Avon Rubber, and following completion of the deal, it will be solely focused on its Avon Protection business, which is recognised as a global leader in respiratory and ballistic protection in Military and First Responder markets. The proceeds of the transaction will provide further funding capacity, enabling Avon Rubber to take advantage of acquisition opportunities.
"Our London PLC and listed company expertise, combined with our global footprint and strength in managing complex transactions, allowed us to operate seamlessly across jurisdictions on Avon Rubber's behalf so they could execute this significant disposal," said White & Case partner Dominic Ross, who led the Firm's deal team.
The White & Case team that advised on the transaction was led by partner Dominic Ross and counsel Margot Lindsay (both London), and included partners Patrick Sarch, Lindsey Canning, Marc Israel, Will Smith and Nicholas Greenacre (all London) and Frank Lupinacci (New York), local partner Alessandro Seganfreddo (Milan), as well as associates Heidi Blomqvist, Edwina Daws, Lily Teh, Kate Russell, Kate Kelliher and Amy Detheridge (all London), Kathrin Schwesinger (New York), Giulia Fiorelli (Milan) and senior legal consultant Amy Yang (Shanghai).
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