The Firm is leading the representation of PPL Corporation and its UK subsidiaries in their acquisition of the Central Networks electricity distribution business from E.ON UK plc.  PPL, through its U.K. subsidiaries, is acquiring Central Networks for approximately £3.5 billion ($5.6 billion) in cash with £500 million ($800 million) of existing public debt to remain outstanding after completion of the transaction.  PPL and E.ON expect to close the transaction in early April.  In addition, the firm assisted PPL in connection with arranging a committed bridge facility in the approximate amount of $5.8 billion from Bank of America Merrill Lynch and Credit Suisse to be used as a temporary financing facility pending the execution of permanent financing.  PPL currently intends to permanently finance the transaction through a combination of the proceeds of security issuances in the US and debt issuances in the UK.  This challenging UK transaction, funded by a financing facility arranged in the US, was led by the firm’s London office.

International law firm Freshfields Bruckhaus Deringer has advised Cattles plc (Cattles) and its group on its successful c£3bn restructuring.

Ashurst advised PPL Corporation, the US energy company, on the competition law and regulatory aspects of its £3.5 billion (US$5.6 billion) acquisition of Central Networks, the UK regulated electricity distribution businesses for the Midlands, from E.On. PPL will also assume £500 million of existing debt in Central Networks.

International law firm Weil, Gotshal & Manges is currently advising the management team of the Dometic Group (“Dometic”) in connection with the offer by EQT V to acquire Dometic from a consortium of its lenders (constituting 70% of the shareholders), the board of directors, and the management team (constituting 30% of the shareholders). The team is being led by London partner Mark Soundy, assisted by Simon Burrows.

Yesterday Amerigon Europe GmbH (Amerigon) announced the plan to offer to acquire bearer shares from shareholders of W.E.T. Automotive Systems AG (W.E.T.) in an all-cash voluntary public takeover offer. The transaction is subject to the approval of the respective antitrust authorities. The bidder and the majority shareholders of W.E.T. have entered into an agreement (the SPA) comprising either the direct sale of the shares to the bidder or their tender into the takeover offer. The SPA is subject to the approval of the competent corporate bodies as well as other conditions. The takeover offer is made in connection with the execution of a Business Combination Agreement between Amerigon and W.E.T. Amerigon is advised by the international law firm Milbank, Tweed, Hadley & McCloy LLP regarding all non-US corporate, tax and antitrust law aspects of the acquisition.

Davis Polk advised underwriters represented by J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated in connection with the offering of $1.7 billion aggregate principal amount of notes issued by McKesson Corporation. The notes were offered in three tranches maturing in 2016, 2021 and 2041.

Shearman & Sterling represented Barclays Bank PLC, Deutsche Bank AG, London Branch, Goldman Sachs International, and Morgan Stanley & Co. International & plc as initial purchasers in Edcon (Proprietary) Limited’s €317 million and US$250 million high yield bond offering. The proceeds of the offering will be used for general corporate purposes, including the refinancing of certain hedging obligations and existing indebtedness of Edcon. The firm also represented Absa Capital, a division of Absa Bank Limited, as facility agent in connection with Edcon’s senior revolving credit facility. Shearman & Sterling had also advised the arrangers and initial purchasers of the ZAR 26 billion acquisition financing for the acquisition of Edcon in 2007.

Taylor Wessing and Olswang have successfully completed the £215 million refinancing of the prime mid-town office building, Mid City Place, High Holborn. 

Stephenson Harwood’s Shipbuilding Group has advised one of the world’s largest shipbuilders on the negotiation of contracts for a project described by Lloyds List as the “World’s Biggest Ever Ship Order”.