Simpson Thacher is representing AVIC Electromechanical Systems Co., Ltd. (“AVICEM”) in connection with its acquisition of Hilite International, a leading global supplier of highly engineered automotive engine and transmission components. AVICEM is a subsidiary of Aviation Industry Corporation of China, one of the largest industrial conglomerates in China. The transaction values Hilite International at approximately €473 million (US$645 million). The closing of the transaction is subject to customary regulatory approvals.
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Valeant to Sell Skin Care Products to Nestlé
Skadden is advising Valeant Pharmaceuticals International, Inc. on the antitrust aspects of the $1.4 billion sale of its filler and toxin treatments to Nestlé S.A., announced May 28.
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Squire Sanders and Patton Boggs Complete Combination
One of the world’s most comprehensive legal platforms launches today as Squire Sanders and Patton Boggs combine to create Squire Patton Boggs. Squire Patton Boggs draws together the heritage, strength, reputation and resources of the legacy firms to create a new, integrated law firm with unparalleled local connections and global influence.
The combined firm offers clients one of the legal industry’s most robust offerings with over 1,500 lawyers spanning 44 offices in 21 countries. This places Squire Patton Boggs among the top 25 firms globally in terms of lawyer headcount, and eighth by number of countries occupied, as per The American Lawyer 2013 Global 100. The firm also ranks as one of the top 10 largest firms in Washington DC and among the largest in the United States.
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Foley Completes Sale for ST Residential, LLC
Foley & Lardner LLP is pleased to announce that Joel C. Solomon and a team of Foley real estate attorneys, including Doug Buck, have completed the sale of thirteen separate premier multifamily properties on behalf of ST Residential, LLC, the managing member of Corus Construction Venture, LLC. The latest closing, which occurred on May 16, 2014 was Apex, a luxury residential tower located in the heart of downtown Los Angeles at 9th and Figueroa Street, containing 271 units, a parking garage with approximately six hundred spaces, approximately ten thousand square feet of retail space, and a significant adjacent parcel. With the sale of Apex, the gross sales proceeds from all of the ST multifamily portfolio approximate $900,000,000.
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K&L Gates Advises on Sale of Scott’s Refrigerated Freightways for AUD115 Million
A team of lawyers from K&L Gates has advised the shareholders of Scott’s Refrigerated Freightways (SRF) (including JAT Refrigerated Road Services) in the sale of the business to Automotive Holding Group Limited (AHG), an ASX 200 listed company, for AUD115 million.
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Allen & Overy advises on USD5.5 billion STAR Rafineri – Turkey’s largest ever project financing
Allen & Overy said today the USD5.5 billion STAR Rafineri underlined growing demand from lenders to participate in Turkish infrastructure and energy financings. Please enter ByLine.
Covington Advises Steve Ballmer on Clippers Purchase
Covington & Burling advised Steve Ballmer on his agreement to purchase the Los Angeles Clippers from The Sterling Family Trust for $2 billion.
“I will be honored to have my name submitted to the NBA board of governors for approval as the next owner of the Los Angeles Clippers. I love basketball,” Ballmer said in a statement. “And I intend to do everything in my power to ensure that the Clippers continue to win – and win big – in Los Angeles.”
The Covington team was led by Doug Gibson, Scott Roades and Peter Zern, and included Rob Heller and Jeff White (tax), Mike Francese (benefits), Ben Block (litigation), Don Elliott (environmental) and Doris Blazek-White (trusts and estates).
Tags: Covington & Burling LLP | Los AngelesLos Angeles Clippers Sold For $2 Billion
Greenberg Glusker client Shelly Sterling today announced that she has signed a binding contract for the sale of the Clippers by The Sterling Family Trust to Steve Ballmer at a price of $2 billion. Shelly Sterling was acting under her authority as the sole trustee of The Sterling Family Trust which owns the Clippers.
Cahill Represents Lead Arrangers in $3 Billion Credit Facility for Kraft Foods
Cahill represented JPMorgan Chase Bank and Barclays Bank as administrative agents and J.P. Morgan Securities, Barclays Bank, Citigroup Global Markets, and RBS Securities as lead arrangers in connection with the $3,000,000,000 revolving credit facility for Kraft Foods Group, Inc. Proceeds were used for general corporate purposes.
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INEOS Group Holdings S.A.’s High-Yield Senior Debt Offering
Cravath represented INEOS Group Holdings S.A. in connection with its €600 million and US$590 million 144A/Reg. S high‑yield senior debt offering, guaranteed by INEOS Luxembourg S.A., INEOS Holdings Limited and certain of their subsidiaries. INEOS is one of the world’s largest chemical companies and has highly integrated, world‑class chemical facilities and production technologies. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on February 18, 2014.