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Dechert LLP advised Pemberton Asset Management Holdings Limited (“Pemberton”) on a strategic relationship with Legal & General. The deal sees the creation of a new Direct Lending platform for institutional investors, through which Pemberton will provide much-needed financing to mid-market companies in the UK and Europe. Legal and General has made a 40% equity investment in Pemberton and an initial commitment to invest €250 million in Direct Lending through the Pemberton platform, with further commitments intended in the future. The Pemberton platform is designed to appeal to major insurers and other institutions who wish to offer funding to mid-market companies. It allows those companies to access institutional funding at a time when bank financing is in decline. The transaction was led by Financial Services partner Gus Black.

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The partners will work closely with Welsh Water throughout the investment period, known as Asset Management Plan 6 (AMP6), to deliver cost effective and sustainable outcomes that will benefit customers and the environment. As part of its AMP6 regulatory funding cycle Welsh Water will invest in improvements to its clean water and sewerage networks and treatment works.

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Kaye Scholer advised longtime client Pfizer Inc. in its agreement to acquire InnoPharma, Inc., a privately held pharmaceutical development company. Under the terms of the agreement, Pfizer will acquire InnoPharma for an upfront cash payment of $225 million, with up to $135 million of contingent milestone payments.

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Kirkland & Ellis LLP represented ABRY Partners, which announced today that it has entered into an agreement to sell its majority equity interest in York Risk Services Group to Onex Corporation for $1.325 Billion. ABRY has been invested in York, a premier provider of risk management, claims management and managed care services, since December 2010. The Kirkland team was led by corporate partners Joshua Kogan and Armand Della Monica, and debt finance partners Ashley Gregory and David Tarr.
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Hunton & Williams (Thailand) Limited advised Thailand’s first independent power producer Electricity Generating Public Company Limited in its USD453 million (14,750 million Baht) acquisition of 40.95 percent indirect ownership interest in the 630 MW Masinloc power plant as part of a strategic partnership with global power company AES Corporation. The investment will provide EGCO with opportunities for expansion in the future as well as other long-term co-development prospects in SouthEast Asia.

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Shearman & Sterling represented BMO Capital Markets Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC as lead underwriters in connection with a registered public offering of $1 billion aggregate principal amount of 1.300% Senior Notes due 2017 and $300 million aggregate principal amount of Floating Rate Notes due 2017 by Bank of Montreal, under its US medium-term note program.

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The Firm recently represented the lead managers, BTG Pactual, HSBC, Itau BBA and Morgan Stanley, in an offering by Marfrig Holdings (Europe) B.V. (“Marfrig Holdings”) of U.S.$850,000,000 aggregate principal amount of 6.875% Senior Notes due 2019. The Notes are unconditionally and irrevocably guaranteed by Marfrig Global Foods S.A. and Marfrig Overseas Limited. The offering was conducted in reliance upon Rule 144A and Regulation S under the U.S. Securities Act of 1933. 
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Kirkland & Ellis LLP represented Lazard, financial advisor to Reynolds American (NYSE: RAI), which today announced that it has entered into a definitive agreement to acquire Lorillard (NYSE: LO), the third largest tobacco company in the United States and the maker of Newport cigarettes, in a transaction valued at $27.4 billion, including the assumption of net debt. Reynolds American is a leading tobacco products company and the parent company of R.J. Reynolds Tobacco Company.
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Linklaters is advising Hony Capital, a leading Chinese private equity firm, on its acquisition of Pizza Express from The Gondola Group.

The acquisition, valued at approximately £900m, is the largest in the European restaurant sector in the past five years.

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