International law firm Stephenson Harwood LLP has advised long standing client BTG Plc (BTG), a specialist healthcare company, on its acquisition of PneumRx Inc (PneumRx), a growing interventional pulmonology business, for an initial cash consideration of $230 million and up to $245 million in performance-related future milestone payments. More >>
Tags: Stephenson Harwood | London
International law firm Freshfields Bruckhaus Deringer has advised the joint lead managers in relation to the U.S.$750,000,000 tap issue by the Republic of Kenya of its debut issue of U.S.$500,000,000 5.875% Notes due 2019 and U.S.$1,500,000,000 6.875% Notes due 2024. More >>
Tags: Freshfields LLP | London
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
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
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 >>
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Akin Gump has advised VimpelCom Holdings BV as borrower and VimpelCom Amsterdam BV as guarantor under a $1 billion credit facility from China Development Bank and Bank of China, which was signed on November 19, 2014. More >>
Tags: Akin Gump Strauss Hauer & Feld LLP | LondonInternational law firm Freshfields Bruckhaus Deringer has advised CVC Capital Partners on its agreement to acquire a controlling stake in Sky Betting & Gaming, the online betting and gaming business owned by Sky plc.
The transaction values Sky Bet at £800 million, with Sky receiving £600 million cash on completion, together with further deferred and contingent consideration. More >>
Davis Polk advised Israel Chemicals Ltd. in connection with a Rule 144A/Regulation S offering of $800 million aggregate principal amount of its 4.500% senior notes due 2024. Barclays Capital Inc., Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. acted as joint book-running managers for the offering. More >>
Tags: Davis Polk & Wardwell LLP | London | New York | Sao Paulo