White & Case Advises Bank Syndicate on Over €1 Billion Financing of Boels' Acquisition of Cramo by Way of Public Offer
Global law firm White & Case LLP has advised a bank syndicate consisting of Credit Suisse International, ING Bank N.V., ABN AMRO Bank N.V., Coöperatieve Rabobank U.A. and BNP Paribas Fortis NV/SA as mandated lead arrangers, physical bookrunners and underwriters on a term loan B and a revolving credit facility for Boels Topholding B.V. (Boels) of over €1 billion.
The financing is used to acquire all shares in Cramo plc (Cramo), a company that is listed on the Nasdaq Helsinki stock exchange. Boels will acquire the shares by means of a voluntary recommended public cash tender offer, a subsequent offer, open market purchases and a subsequent squeeze out. Additionally, the loan financing serves to refinance existing indebtedness of both Boels and Cramo.
The voluntary takeover offer values Cramo at approximately €614 million. The proposed acquisition seeks to create a leading pan-European player in the equipment rental market, with businesses in 17 countries, and a top three position in 12 of those countries. The combined company is expected to have annual revenues of approximately €1.25 billion and one of the largest depot networks in Europe, with more than 750 facilities.
White & Case advised the bank syndicate in relation to the leveraged finance and corporate law aspects of the transaction as well as on the specifics of a Finnish public to private transactions.
The White & Case team was led by partners Andreas Lischka and Vanessa Schuermann and included partners Gernot Wagner and Bodo Bender (all Frankfurt), Petri Avikainen and Tanja Tornkvist (Helsinki), local partner Sebastién Seele, counsel Alexander Born and associates Merve Mert-Sismangil and Charlotte Thacker (all Frankfurt) and Oona Lilja (Helsinki). It further included partners and associates of White & Case's Brussels, Milan, Prague, Stockholm and Warsaw offices.
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