Debevoise & Plimpton LLP is advising Protective Life Corporation (“Protective”) in a definitive agreement under which Dai-ichi Life Insurance Company, Limited (“Dai-ichi Life”) will acquire all outstanding shares of Protective for $70.00 per share in cash, or a total transaction value of approximately $5.7 billion. More >>
Tags: Debevoise & Plimpton LLP | New York
Davis Polk advised China Cinda Asset Management Co., Ltd. (China Cinda) in connection with a private placement of US$230 million Regulation S guaranteed senior notes issued by China Cinda’s wholly owned subsidiary, China Cinda Finance (2014) II Limited. The notes are guaranteed by China Cinda (HK) Holdings Company Limited, a wholly owned subsidiary of China Cinda, and are supported by a keepwell deed and a deed of equity interest purchase, investment and liquidity support undertaking from China Cinda. More >>
Tags: Davis Polk & Wardwell LLP | Beijing | Hong Kong | London
Cahill represented Wells Fargo Securities, Citigroup, and Morgan Stanley as joint book-running managers, and the co-managers in connection with the public offering of $225,000,000 aggregate principal amount of 5.375% Senior Notes due 2024 by Tenneco Inc., one of the world’s leading manufacturers of clean air and ride performance products and systems for light vehicle, commercial truck and off-highway applications. Proceeds from the offering were used to repurchase Tenneco’s existing notes due 2018.
Tags: Cahill Gordon & Reindel LLP | New York
Morgan Lewis represented BTG plc as M&A counsel in its $475 million acquisition of PneumRx Inc., a venture-backed lung treatment specialist based in California. The deal was announced on December 4, 2014.
BTG will pay $230 million in cash initially and up to $245 million in performance-related payments under the terms of the agreement. More >>
Tags: Morgan, Lewis & Bockius LLP | London
Herbert Smith Freehills has advised the Investment Board of the Government of Nepal on its project development agreement (PDA) with Indian public sector undertaking SJVN Limited to develop the 900 megawatt, US$1.1 billion Arun-3 Hydro Electric Project (the Project). This agreement follows on from the firm advising the Government of Nepal on the US$1.4 billion Upper Karnali Hydro Power Project PDA earlier this year, which is Nepal’s biggest ever foreign investment deal. More >>
Tags: Herbert Smith Freehills Kramer LLP | Brussels | London
DLA Piper has advised Pfizer on the US$635 million acquisition of commercial vaccines from Baxter, with the transaction closing successfully on 1 December 2014.
The deal included the meningitis prevention vaccine NeisVac-C and the well-known vaccine FSME-IMMUN/Ticovac. Furthermore, Pfizer acquired the production facility in Austria, where the two vaccines are manufactured. More >>
Tags: DLA Piper | ViennaCahill represented BofA Merrill Lynch and Citigroup as joint book-running managers and Barclays, Credit Suisse, Morgan Stanley, and Jefferies as co-managers in connection with the public offering of $700,000,000 aggregate principal amount of 5.25% Senior Notes due 2019 by Springleaf Finance Corporation, a leading consumer finance company. Proceeds from the offering will be used to refinance existing indebtedness and for general corporate purposes.
Tags: Cahill Gordon & Reindel LLP | New York
The insurance giant’s takeover ranks as the largest deal between two UK companies in the last five years.
Allen & Overy corporate partners David Broadley and Philip Jarvis are advising insurance giant Aviva on its GBP5.6 billion acquisition of life insurance specialist Friends Life Group Limited. More >>
Tags: Allen & Overy LLP | LondonDeal is Prudential’s third longevity transaction in the U.K. market in 2014 that Willkie has handled.
The firm recently represented Prudential Retirement Insurance and Annuity Company (PRIAC) in its $2.2 billion longevity risk transfer transaction with Legal & General Group Plc. Under the terms of the transaction, PRIAC will provide reinsurance of longevity risk for a portion of Legal & General’s pension bulk annuity business, which provides security to thousands of U.K. retirees. This was Prudential’s third longevity transaction in the U.K. market in 2014, following its agreement to reinsure $27.7 billion of longevity risk associated with BT Pension Scheme’s liabilities (the largest single longevity transaction on record) and $1.7 billion of longevity risk associated with Rothesay Life Limited’s liabilities under 93 U.K. defined benefit plans. More >>
Tags: London | New York
The Firm is representing Silver Lake Partners and IPC Corp. (“IPC”) in connection with the sale of IPC to Centerbridge Partners, L.P. for approximately $1.2 billion. The transaction is expected to close in the first quarter of 2015, subject to customary regulatory and other closing conditions. More >>
Tags: Simpson Thacher & Bartlett LLP | New York