Davis 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 >>
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Akin Gump Advises Banglalink on Inaugural $300 Million Bangladesh Bond
Akin Gump has advised Banglalink Digital Communications Limited, a subsidiary of VimpelCom Ltd., on an innovative $300 million Rule 144A/Regulation S high-yield bond offering “first.” Banglalink issued $300 million Senior Notes due 2019, listed on the Singapore Exchange.
This groundbreaking transaction represents the first international bond offering from Bangladesh—there has never been a Bangladesh sovereign bond or corporate bond issue on the international capital markets before. More >>
Tags: Akin Gump Strauss Hauer & Feld LLP | London
Eversheds advises TRW Automotive on £2.5 billion pension buy-out
Law firm Eversheds award-winning pensions team, has advised TRW Automotive as its Pension Scheme undertook a landmark £2.5 billion partial pension buy-out by Legal & General’s Retirement (LGR) business, in what constitutes the largest pension buy-out in the UK to date.
TRW Automotive ranks among the world’s leading automotive suppliers. Headquartered in Livonia, Michigan, USA, the Company, through its subsidiaries, operates in 24 countries and employs approximately 65,000 people worldwide. More >>
Tags: Eversheds Sutherland | London
Stephenson Harwood advises on BTG’s up to $475 million acquisition of Pneumrx
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
Freshfields advises on U.S.$750,000,000 sovereign bond tap issue by the Republic of Kenya
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 Advises China Cinda Asset Management Co., Ltd. on Its US$230 Million Notes Offering
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 Advises BTG in Acquisition of Medical Device Maker PneumRx
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 advises on Nepal’s second biggest ever foreign investment deal
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
A&O advises Aviva on GBP5.6 billion takeover of Friends Life
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 | LondonPrudential Enters into $2.2 Billion Longevity Risk Transfer Transaction with Legal & General Group Plc
Deal 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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