On July 24, Willkie client Ardian, a leading independent private investment company, announced that it has agreed to acquire ADA Cosmetics International GmbH from the Carlyle Group. ADA Cosmetics is Europe’s leading manufacturer of high-quality hotel cosmetics.

This is the eighth investment from Ardian’s Expansion Fund III, which closed in March 2014 at €500 million. The management of ADA Cosmetics has again taken a minority stake in the company as part of the transaction, which is subject to approval by the antitrust authorities. Working with Ardian, the management intends to grow the company across Europe, Asia and the Middle East.
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Global law firm White & Case LLP has advised a syndicate of banks led by ING Bank N.V. and including Banca IMI S.p.A., BNP Paribas, Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank and UniCredit Bank AG, as Arrangers and Bookrunner Mandated Lead Arrangers, on a €1 billion revolving credit facility agreement granted to Prysmian, a manufacturer of energy and telecommunication cables and systems.
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Herbert Smith Freehills has advised QIC on the sale of one of its flagship commercial office buildings in Sydney for A$555 million.

In what is widely tipped to be the largest Australian commercial office deal of the year, the sale attracted extraordinary interest both nationally and internationally, with more than 40 qualified bidders being granted access to the Herbert Smith Freehills Data Room. The sale is said to reflect a purchasing cap rate of 5.5%, the first such sale in Australia below 6% for many years.

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Shearman & Sterling is advising Zillow, Inc. on its acquisition of Trulia, Inc. for $3.5 billion in a stock-for-stock transaction. The Boards of Directors of both companies have approved the transaction, which is expected to close in 2015.

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The Firm recently represented the initial purchasers, led by Morgan Stanley, Goldman, Sachs & Co., and Credit Suisse, in connection with Micron Technology, Inc.’s offering of $1.15 billion aggregate principal amount of 5.50% Senior Notes due 2025. The notes were offered in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended.
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Shearman & Sterling advised the underwriters, led by Deutsche Bank and J.P. Morgan, in connection with Banco Comercial Português, S.A.’s capital increase of approximately €2.25 billion through a rights offering comprising the issuance of 34,487,542,355 ordinary shares.

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Vinson & Elkins advised QR Energy, LP in its agreement to merge with Breitburn Energy Partners LP for approximately $3 billion, forming the largest oil-weighted upstream MLP.

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Shearman & Sterling represented Barclays Capital Inc., Citigroup Global Markets Inc., and Morgan Stanley & Co. LLC, as representatives of the several underwriters in connection with an initial public offering of common units by Foresight Energy LP. Foresight priced its offering at $20 a share on June 17, 2013. The offering raised $350 million.

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Davis Polk advised Citibank, N.A., as administrative agent in connection with a $250 million revolving credit facility and a $250 million delayed draw term loan facility for Magellan RX Management, Inc., a direct subsidiary of Magellan Health, Inc. The proceeds of the loans will be used from time to time for general corporate purposes.

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