Davis Polk is advising Dynacast International and its primary private equity owners, including Izurium Capital Management, W Capital Management and Laurel Crown Partners, in connection with the $1.1 billion acquisition of a controlling stake by Partners Group. The transaction has fully committed financing from JPMorgan Chase Bank, N.A., Barclays and Macquarie Capital, and is expected to close in February 2015. More >>
Tags: Davis Polk & Wardwell LLP | New York | Silicon Valley | Washington
Shearman & Sterling is advising ARX Holding Corp., the parent company of American Strategic Insurance Corp. (ASI), on the sale of a controlling position to The Progressive Corporation for approximately $875 million in cash.
The shares will be purchased primarily from non-management shareholders and will bring Progressive’s interest in the company to approximately 67%, up from the 5% interest it has held since 2012. ASI will continue to operate as a separate company under its current management team. The transaction is expected to close by April 1, 2015, subject to closing conditions. Additionally, Progressive expects to purchase the remaining shares of the company over the next six years. More >>
Tags: Shearman & Sterling LLP | New York
Paul Hastings LLP, a leading global law firm, represented the banks in connection with certain aspects of the financing of the $1.24 billion acquisition of DSS Group, Inc., the parent company of DS Services of America Inc., by Cott Corporation, one of the world’s largest producers of beverages on behalf of retailers, brand owners and distributors. Paul Hastings represented Barclays, Credit Suisse, JP Morgan, Bank of America and Deutsche Bank in connection with their commitments to provide debt financing in connection with the transaction. Paul Hastings also represented Barclays, as solicitation agent, in connection with the solicitation of consents by DS Services of America, Inc. from holders of DSS Group, Inc.’s 10.00% Second Priority Senior Secured Notes due 2021 related to certain amendments to the indenture governing such notes. More >>
Tags: Paul Hastings, LLP | New York
International law firm McDermott Will & Emery represented Olam International Limited in its pending acquisition of Archer Daniels Midland Company’s (ADM) global cocoa business. The US$1.3 billion transaction will establish Olam Cocoa as one of the world’s top three cocoa processors.
Based in Singapore and listed on the SGX-ST, Olam is a leading agri-business operating in 65 countries. Its Cocoa business is one of the world’s largest suppliers of sustainable cocoa and is a leader in long-term sustainability initiatives. More >>
Tags: DLA Piper | London
Goodwin Procter attorneys recently advised private equity firm Charlesbank Capital Partners on its completed acquisition of Varsity Brands, a portfolio of brands that promote student participation in academics and athletics. The transaction will help ensure that Varsity Brands has the capital structure, resources, and financial flexibility to build its presence while delivering on its mission to elevate school pride and student achievement. More >>
Tags: Goodwin Procter LLP | Boston | San FranciscoDavis Polk advised Ingram Micro Inc. on its SEC-registered debt offering of $500 million aggregate principal amount of notes due 2024. The offering was made through an underwriting syndicate led by Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC. More >>
Tags: Davis Polk & Wardwell LLP | Silicon Valley
Cravath represented the underwriters, led by J.P. Morgan Securities, Goldman, Sachs & Co., Barclays and UBS Investment Bank, in connection with the US$1.1 billion registered offering of common shares and the US$2.875 billion registered offering of mandatory convertible securities of Fiat Chrysler Automobiles N.V., the seventh largest automaker in the world. The transactions closed on December 16, 2014. More >>
Tags: Cravath, Swaine & Moore LLP | New York
Cahill represented Citi as sole book-running manager in connection with the secondary public offering of 20,000,000 shares of common stock by Nielsen N.V. (NYSE: NLSN), resulting in gross proceeds of $857,600,000. The selling stockholders received all of the proceeds of the sale.
Tags: Cahill Gordon & Reindel LLP | New YorkDavis Polk is advising Credit Suisse Securities (Europe) Limited as sole sponsor and joint financial adviser to Imperial Tobacco Group PLC on its $7.1 billion acquisition of U.S. cigarette brands Winston, Maverick, Kool, Salem and U.S. and international e-cigarette blu, plus other assets, from Reynolds American Inc. as part of its $27.4 billion acquisition of Lorillard Inc. A circular seeking shareholder approval of the transaction was published by Imperial Tobacco on December 15, 2014. The transaction, which is expected to close in the first half of 2015, is subject to shareholder and certain regulatory approvals. More >>
Tags: London | New York
Leading international law firm Clifford Chance advised AEW Europe on a €820mn capital raising for LOGISTIS. This represents the largest equity raising to date for AEW Europe and brings the total equity of LOGISTIS to more than €1.3bn. The new equity has been raised from a number of leading institutional investors from Europe and Asia, including APG and PGGM among others. The capital raised exceeded the original equity target, with the five largest new investors committing in excess of €600mn in aggregate. Existing investors also increased their investment, committing a further €130mn in aggregate. More >>
Tags: Clifford Chance LLP | Luxembourg | Paris