Slaughter and Could and Kirkland & Ellis have led on the $12bn mixture of UK Plc offshore drilling firms Ensco and Rowan Corporations as Travers Smith and Eversheds Sutherland wrap up Authorized & Basic’s £2.4bn buyout of Nortel Networks UK Pension Plan.
The drilling merger – an all-stock deal and a court-sanctioned scheme of preparations – will see the shareholders of Ensco and Rowan personal 60.5% and 39.5% respectively of the mixed enterprise.
Kirkland & Ellis clinched a big win in UK plc land in advising Rowan with a group together with Metropolis companions David Higgins, David Holdsworth and Dipak Bhundia. The deal was led out of Houston by company companions Sean Wheeler and Doug Bacon and included Dallas accomplice Ryan Gorsche and New York-based government compensation accomplice Scott Worth and tax companions David Wheat, Lane Morgan and Mike Carew.
Latham & Watkins is advising Rowan on antitrust facets, with a group together with company accomplice Michael Egge in Washington, Brussels managing accomplice Lars Kjolbye, and London accomplice Jonathan Parker.
In the meantime, Slaughters is performing for Ensco with a group led by company companions Hywel Davies and Christian Boney and together with companions William Turtle (competitors), Jonathan Fenn (pensions) and Mike Lane (tax).
Elsewhere, a Authorized & Basic deal on Monday (eight October) noticed the UK insurer full a £2.4bn buyout of pensions referring to the now-defunct telecoms tools supplier Nortel.
The buy-out pertains to round 15,500 pensioner members and round 7,200 deferred members of the pension scheme, which entered a Pension Safety Fund (PPF) evaluation after Nortel went into administration in 2009, pending litigation and insolvency proceedings.
Naylor informed Authorized Enterprise that the deal represented the most important ever PPF plus association, through which the pension scheme members obtain extra choices, through a member possibility train, and higher advantages than the PPF compensation would have provided. An extra transaction is more likely to comply with as extra recoveries are made.
The deal can also be the second largest pension buyout ever, after the £2.5bn transaction with Authorized & Basic referring to pensions of US-headquartered automotive provider TRW in 2014.
Hughes and Naylor, the latter then an affiliate, had been additionally a part of the group advising the trustees of the TRW Pension Scheme, whereas Laing, then an affiliate at Clifford Likelihood, was a part of the group advising Authorized & Basic on that deal.
One other main deal this week noticed Kirkland, Latham and Allen & Overy rating key roles on the sale of shareholdings in fin-tech firm FNZ to Canadian pension fund La Caisse de dépôt et placement du Québec (CDPQ) and personal fairness investor Era Funding Administration.
The deal sees Kirkland advise the sellers, FNZ and funds suggested by HIG Capital and Basic Atlantic, led by London company companions Gavin Gordon, Carl Bradshaw and Tom McCarthy. A Latham group led by Michael Bond suggested CDPQ and Jonathan Wooden at Weil Gotschal & Manges suggested Era. Karan Dinamani at Allen & Overy suggested the CEO of FNZ.
The acquisition is the primary funding by CDPQ-Era, the sustainable fairness three way partnership launched by CDPQ and Era. Kirkland has a nine-year relationship with FNZ, having suggested on HIG Capital’s preliminary funding in 2009, Basic Atlantic’s funding in 2012 and FNZ’s not too long ago introduced deal to amass European Financial institution for Monetary Providers (ebase) from comdirect financial institution.