The Firm represented affiliates of Blackstone Real Estate Partners VII (collectively, “Blackstone”) in connection with its investment in a joint venture with Kimco Realty Corp. (NYSE: KIM).  Blackstone acquired a 67 percent interest in the shopping center portfolio from affiliates of the UBS Wealth Management North American Property Fund, while Kimco increased its ownership interest in the joint venture to 33 percent from its previous 18 percent interest.  Both of these transactions were based on a gross purchase price of approximately $1.1 billion including approximately $631 million of assumed debt.  The joint venture comprises 39 retail properties totaling approximately 5.6 million square feet.

More >>

The Firm is representing The Blackstone Group in connection with the announced merger of Vanguard Health Systems, Inc. (NYSE:VHS) and Tenet Healthcare Corporation (NYSE:THC).  Investment funds affiliated with Blackstone own approximately 37.75% of the issued and outstanding shares of common stock of Vanguard.  Under the terms of the merger agreement, Tenet will acquire all of the issued and outstanding shares of common stock of Vanguard for $21 in cash per share.  The acquisition is valued at $4.3 billion, which includes the assumption of $2.5 billion in debt.  The transaction is subject to the satisfaction of customary closing conditions and regulatory approvals and is expected to close before the end of 2013.

More >>

Davis Polk advised Quicksilver Resources Inc. (Quicksilver) in connection with its offering of $325 million aggregate principal amount of 11% senior notes due 2021, its offering of $200 million aggregate principal amount of second-lien senior secured floating-rate notes due 2019, and the concurrent closing of its $625 million second-lien term loan agreement. The notes were sold pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended.

More >>

Davis Polk advised Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as book-running managers and representatives of several initial purchasers in connection with a Rule 144A/Regulation S offering of senior notes by Ingersoll-Rand Global Holding Company Limited. The offering consisted of $350 million principal amount of 2.875% notes due 2019, $700 million principal amount of 4.25% notes due 2023 and $500 million principal amount of 5.75% notes due 2043. The notes are guaranteed by Ingersoll-Rand Company Limited, Ingersoll-Rand International Holding Limited and Ingersoll-Rand public limited company.

More >>