Global law firm White & Case LLP has advised Smiths Group plc on the sale of Smiths Medical to Trulli Bidco Limited, a wholly owned subsidiary of funds advised by TA Associates LLP, for US$2.3 billion plus an additional US$200 million contingent on the future performance of Smiths Medical.
"This important transaction enables Smiths to re-focus its strategy and further grow its other divisions, whilst also creating a strategic partnership with TA Associates to realise the full potential of Smiths Medical," said White & Case partner Guy Potel, who co-led the Firm’s deal team. “We worked closely with the impressive internal team at Smiths throughout the process of the transaction to reach this successful outcome. Our role demonstrates both our ability to advise UK plcs on their most strategically important transactions and our top tier financial sponsor practice that can handle all the private equity elements of a disposal such as this."
Smiths Group expects to receive net cash proceeds on completion of the proposed transaction of US$1.8bn, which will be used to support investments in growth and enable a significant return of capital to shareholders. Smiths Group will also receive a 30 percent equity interest in Trulli Topco Limited, valued at US$200 million, which will be the new holding company of Smiths Medical.
Melanie Rowlands, Group General Counsel at Smiths Group plc, said: "The team at White & Case gave us fantastic support throughout this vitally important transaction for us. They worked seamlessly with the Smiths team and our other advisers and we are absolutely delighted to have had them alongside us."
Completion is expected by the end of calendar year 2021, subject to approval by the shareholders of Smiths Group and receipt of other customary regulatory approvals.
The White & Case team which advised on the transaction was led by Guy Potel and Richard Jones (both London), with support from partners Gregory Pryor and Suni Sreepada (both New York), Lindsey Canning, Peita Menon, Colin Harley and Marc Israel (all London), George Paul (Washington, DC) and Alexandre Jaurett (Paris), counsel Paul Harrington (London) and associates Omar Anwar, Finlay Fraser, Claire Sackman, Kal Leung, Amy Detheridge, Oliver Trotman and Kate Kelliher (all London), and Cecilia Grosjean (Paris).
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