AT&T announced it has entered into an agreement with Paul, Weiss client Grupo Salinas to acquire Mexican wireless company Iusacell for $2.5 billion, inclusive of Iusacell’s debt. Under the terms of the agreement, AT&T will acquire all of Iusacell’s wireless properties, including licenses, network assets, retail stores and approximately 8.6 million subscribers. The acquisition will occur after Grupo Salinas, owner of 50 percent of Iusacell, closes its announced purchase of the 50 percent of Iusacell that it does not already own. Subject to customary closing conditions and regulatory approval, the transaction is expected to close in the first quarter of 2015. More >>
Tags: New York | WashingtonHilton Worldwide Completes $2.6 Billion Secondary Offering
The Firm represented Hilton Worldwide Holdings Inc. in connection with a $2.6 billion secondary offering, consisting of 103,500,000 shares of common stock (including 13,500,000 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares) at a public offering price of $25.00 per share. More >>
Tags: New York
Kirkland & Ellis LLP Represents Wynnchurch Capital in Raising $1.2 Billion Fund
Kirkland & Ellis LLP represented Wynnchurch Capital in the raising of its fourth private equity fund, Wynnchurch Capital Partners IV, L.P., which announced its final closing at $1.2 billion of limited partner commitments. The fund, which had a target of $900 million, was oversubscribed, resulting in the fund reaching its hard cap closing relatively quickly after its initial launch in September 2014. More >>
Tags: Kirkland & Ellis LLP | Chicago | Houston | Los Angeles | New York | Palo Alto | San Francisco | Washington
Cahill Represents Initial Purchasers in $900 Million Notes Offering by Fresenius Medical Care
Cahill represented Wells Fargo Securities, Citigroup, Deutsche Bank Securities, Scotiabank, HSBC, and SunTrust Robinson Humphrey as joint book-running managers and the co-managers in connection with the Rule 144A offering of $900,000,000 Senior Notes, comprised of $500,000,000 aggregate principal amount of 4.125% Senior Notes due 2020, and $400,000,000 aggregate principal amount of 4.75% Senior Notes due 2024 by Fresenius Medical Care US Finance II, Inc. Proceeds from the offering were used to refinance existing indebtedness and for general corporate purposes.
Tags: Cahill Gordon & Reindel LLP | London | New York
Covington Advises UCB in $1.525 Billion Sale of Kremers
Covington & Burling represented UCB in connection with its agreement to sell Kremers Urban Pharmaceuticals Inc., a U.S.-based subsidiary, to Advent International and Avista Capital Partners. UCB will receive gross cash proceeds of $1.525 billion upon closing. More >>
Tags: Covington & Burling LLP | New YorkCovance Inc.’s $6.1 Billion Acquisition by LabCorp
Laboratory Corporation of America® Holdings (LabCorp®) and Covance Inc. announced that they have entered into a definitive agreement under which LabCorp will acquire Covance for cash and LabCorp shares currently valued at $105.12 per Covance share, or an equity value of approximately $6.1 billion. Cravath represented Covance in this transaction. The combination will create the world’s leading healthcare diagnostics company. The transaction is expected to close in the first quarter of 2015 and is subject to Covance shareholder approval, regulatory approvals and customary closing conditions. More >>
Tags: New YorkHilton $2.3 Billion Secondary Offering
Davis Polk advised Deutsche Bank Securities Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC as representatives of the underwriters in connection with the $2.3 billion secondary offering of 90,000,000 shares of common stock of Hilton Worldwide Holdings Inc. by certain selling stockholders affiliated with The Blackstone Group L.P. Hilton’s common stock is traded on the New York Stock Exchange under the symbol “HLT.” More >>
Tags: New YorkNewStar Financial Obtains $300 Million Investment from GSO-Advised Funds
Simpson Thacher is representing NewStar Financial in connection with an investment by three Franklin Square business development companies (which are advised by GSO Capital) in $300 million of NewStar subordinated notes and warrants to purchase approximately 20% of NewStar’s common stock. The transaction is scheduled to close in stages, beginning at the end of this year and continuing through 2015. Issuance of a portion of the warrants is subject to approval by NewStar’s stockholders at a special meeting expected to be held within the next few months. More >>
Tags: New York
Sapient’s $3.7 Billion Acquisition by Publicis Groupe
Publicis Groupe and Sapient announced that they have entered into a definitive agreement under which Publicis Groupe will acquire Sapient in an all‑cash transaction for $25.00 per share, or approximately $3.7 billion. Cravath represented Sapient in this transaction, which is expected to close in the first quarter of 2015, subject to the satisfaction of customary closing conditions and regulatory approvals. More >>
Tags: Cravath, Swaine & Moore LLP | New York
Milbank Represents SBM Offshore in US$450M Bond Offering for “Deep Panuke” Natural Gas Production Platform
In its latest large capital markets transaction in the energy sector, Milbank, Tweed, Hadley & McCloy LLP has represented SBM Offshore N.V. in the $450 million bond offering supporting the company’s natural gas production center deployed in the Deep Panuke natural gas field off the coast of Nova Scotia. More >>
Tags: Milbank LLP | New York