Private-Equity-Transaktionen
Das Marktumfeld für Private-Equity-Transaktionen hat sich in jüngster Zeit stark verändert. Von der Vielzahl großer Leveraged Buyouts vor der Finanzmarktkrise über Schlüsselinvestitionen in Finanzinstitute bis hin zur Strukturierung kleinerer Transaktionen und Auslandsinvestitionen - Cleary Gottlieb verfügt über eine umfassende Expertise in Bezug auf die Branche und ihre Trends.
Weitere Informationen »
Feb 27, 2013
Cleary Gottlieb represented Aerostar Airport Holdings, LLC, a joint venture of Highstar Capital and Grupo Aeroportuario del Sureste (ASUR), in the 40-year lease to operate the San Juan Luis Muñoz Marin (“SJU”) International Airport as a public-private partnership, approved by the Federal Aviation Administration. The approval paves the way for SJU to become the first major airport in the United States run by a private operator under the FAA’s Pilot Privatization Program, which was signed into law in 1996. Aerostar will now begin to move forward with its plan to invest nearly $1.4 billion over the 40-year life of the lease to transform SJU into a world-class airport gateway. Cleary Gottlieb is also representing Aerostar connection with the financing for the concession.
SJU is the Caribbean’s busiest airport, handling more than 8.4 million passengers in fiscal year 2012. Aerostar expects at least 1,500 direct and indirect construction-related jobs to be created through its near-term capital investment program, which will be one of Puerto Rico’s largest construction projects. The transaction will create approximately 2,100 near-term direct jobs, once jobs in landscaping, cleaning and maintenance are included.
ASUR is a Mexican airport operator with concessions to operate, maintain and develop the airports of Cancún, Mérida, Cozumel, Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlán in the southeast of México.
Highstar Capital is an independently owned and operated private equity firm with an operationally focused, value-added strategy. Based in New York, the firm was founded in 1998. Since 2000, the Highstar Team has managed approximately $7.6 billion on behalf of its managed funds and co-investors, including investments in energy infrastructure, environmental services infrastructure, infrastructure, and transportation infrastructure.
Mar 04, 2013
Cleary Gottlieb advised Fintech Investments Ltd., the largest creditor of Vitro, S.A.B. de C.V. in connection with agreements that will enable Vitro to definitively conclude its restructuring process. Vitro’s restructuring, which began in 2010, has been one of the largest multi-jurisdictional restructurings of a Mexican company.
In order to facilitate the resolution of Vitro’s restructuring process, Fintech entered into a Settlement Agreement that provides for the dismissal or resolution of all litigation by and among Vitro, Fintech and certain creditors in Mexico and the United States and for Fintech to purchase the bonds held by those creditors. Fintech also entered into a separate agreement with Vitro pursuant to which Fintech agreed to use the bonds acquired under the Settlement Agreement to increase the approval rate of Vitro's concurso mercantil plan to almost 99% of the recognized creditors of Vitro. In return for Fintech’s assistance, one of Vitro’s subsidiaries will provide Fintech with up to 13% of its shares and a senior secured note with a two-year maturity. The implementation of these agreements remains subject to certain governmental approvals and court authorizations and the satisfaction of closing conditions.
Cleary Gottlieb has been counsel to Fintech in a number of related matters, including as counsel to Fintech in Vitro-related litigation and bankruptcy proceedings in the United States. Vitro is the leading Mexican producer of flat and packaging glass with global distribution networks.
Jun 27, 2012
Cleary Gottlieb is representing TPG in the acquisition, together with Leonard Green & Partners, of Savers, a thrift retailer, in a recapitalization transaction. TPG and Leonard Green will own equal stakes in the company.
Savers is the largest for-profit secondhand merchandise retailer in the United States, Canada and Australia. The company purchases clothing from nonprofit organizations such as Easter Seals and the American Cancer Society and resells it to the public through its 270 thrift stores. Tom Ellison, the son of the late Savers founder, William Ellison, will continue to have an equity stake in the company equal to the stake held by TPG and Leonard Green & Partners. The deal is valued at approximately $1.7 billion and the transaction is expected to close in the first week of July.
Jan 14, 2013
Cleary Gottlieb represented CPP, a portfolio company of Warburg Pincus, in connection with its new $700 million credit facility. The financing was provided by a syndicate of banks with UBS as agent, and consisted of a $415 million senior secured first lien term loan B facility, a $100 million senior secured first lien revolving facility and a $185 million senior secured second lien term loan facility. A portion of the proceeds were used to finance CPP's acquisition of ESCO Corporation's Turbine Technologies Group, which closed simultaneously with the financing.
Dec 21, 2012
Cleary Gottlieb represented Warburg Pincus in connection with its acquisition of a majority interest in CROSSMARK Holdings, Inc. The acquisition closed on December 21.
CROSSMARK is a provider of business solutions, with expertise in sales, merchandising and in-store marketing across a wide range of retail channels.
Feb 26, 2010
Cleary Gottlieb represented TPG in connection with its $5.9 billion leveraged acquisition, together with CPP Investment Board Private Holdings and Leonard Green & Partners, of IMS Health Incorporated, which closed on February 26. The deal is one of the largest leveraged buyouts completed since the onset of the financial crisis. Cleary Gottlieb advised TPG on intra-consortium matters and advised the consortium on European competition law matters.
IMS Health Incorporated, headquartered in Norwalk, Connecticut, is the leading global provider of market intelligence to the pharmaceutical and healthcare industries.
Jan 09, 2009
Cleary Gottlieb represented TPG Capital and GS Capital Partners in connection with the sale of Alltel Corporation to Verizon Wireless. Verizon Wireless paid approximately $5.9 billion for the equity of Alltel and assumed approximately $22.2 billion of Alltel’s debt, net of cash. The transaction was announced on June 5, 2008, and closed on January 9. The U.S. Department of Justice approved the transaction in October 2008, the Federal Trade Commission approved it in early November 2008 and the Federal Communications Commission in early December 2008.
Verizon Wireless is the joint venture of Verizon Communications and Vodafone. The sale of Alltel increased the number of Verizon Wireless customers to more than 83.7 million, making it the largest wireless carrier in the country. Approximately 2.1 million of those customers are in markets that will be divested by Verizon Wireless in the coming months, as required by the DOJ and the FCC as a condition of the merger approval. The sale took place just over a year after TPG Capital and GS Capital Partners acquired Alltel.
TPG Capital is a leading private investment firm with more than $50 billion of capital under management. GS Capital Partners is The Goldman Sachs Group, Inc.’s private equity vehicle and a global leader in corporate equity investing.
Oct 10, 2007
Cleary Gottlieb represented TPG and KKR in their nearly $50 billion acquisition of TXU Corp., which closed on October 10. The deal is the largest leveraged buyout completed to date. Cleary Gottlieb advised TPG and KKR on the equity co-investment portion of the transaction.
TXU, headquartered in Dallas, operates electricity retailing, power generation and electricity distribution and transmission businesses.
Jan 28, 2008
Cleary Gottlieb represented an investment consortium consisting of Apollo Management and Texas Pacific Group (TPG) in its approximately $27.8 billion leveraged buyout of Harrah’s Entertainment, the world's largest gambling operator by revenue. Harrah's agreed to be acquired by Apollo and TPG for $90 per share in an all-cash deal, which included the assumption of $10.7 billion in debt. The acquisition was announced on December 19 and closed on January 28, 2008.
Apollo is a recognized leader in private equity, debt and capital markets investing. Long-time Cleary Gottlieb client TPG is a private investment partnership that currently has more than $30 billion of assets under management.
Sep 25, 2007
Cleary Gottlieb represented a consortium of private equity investors including the Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co., and Texas Pacific Group in connection with the $11.4 billion leveraged acquisition of Biomet, Inc. The acquisition was announced on December 18, 2006.
Biomet is an Indiana-based company that designs, manufactures and markets orthopedic devices such as artificial knees and hips.
Jun 16, 2008
Cleary Gottlieb represented Meraas Capital LLC in its acquisition of a 20% interest in the GM Building through a joint venture with Boston Properties Limited Partnership and US Real Estate Opportunities I, L.P., a Goldman Sachs managed investment fund. The governments of Kuwait and Qatar are the principal investors in US Real Estate Opportunities. The joint venture acquired the GM Building from Harry Macklowe for $2.8 billion, and three other New York office buildings for an additional $1.1 billion.
General Motors developed the GM Building in 1968. It is a landmark 50-story office tower located in the heart of New York’s Plaza District, and it is home to tenants including Weil Gotshal, Estee Lauder and FAO Schwartz. It is also the site of the cutting edge Bohlin Cywinski Jackson designed glass cube that serves as the entrance to the underground Apple Store.
As part of the deal, the joint venture also agreed to purchase three other New York office buildings, 2 Grand Central Tower, 125 West 55th Street and 540 Madison Avenue, for an additional $1.1 billion. The aggregate purchase price for all four assets was $4 billion.
Meraas Capital LLC is an investment company based in Dubai, United Arab Emirates. Meraas is envisaged to become a leading real estate and private equity investment holding company with a multibillion dollar diversified portfolio of investments that include income-producing and long-term strategic assets globally.
Boston Properties is a Public REIT that owns, operates and develops Class A office buildings throughout the United States.
Client Service Award for Investment Funds
Chambers USA (2012)
Leading firm in private equity buyouts
Chambers Global, Chambers USA
Private Equity Deal of the Year
(TPG and Shriram Group's acquisition of Vishal Retail)
IFLR Asialaw India Awards (2012)
North American Logistics Deal of the Year
(Development of Seagirt Marine Terminal)
ProjectFinance (2011)
Best Private Equity Deal
(TPG/Northstar’s acquisition of BFI Finance Indonesia)
FinanceAsia (2011)
#1 in Private Equity (Involving North American Target)
The American Lawyer’s 2010 “Corporate Scorecard”
(Announced, value, based on mergermarket data)
Americas Private Equity Deal of the Year
(OneWest Bank’s acquisition of IndyMac Federal Bank)
Financial Times and mergermarket Americas M&A Awards (2009)
Telecom Deal of the Year
(TPG & GS Capital Partners' acquisition of Alltel)
Investment Dealers Digest (2008)
Retail Deal of the Year
(Istithmar’s acquisition of Barneys New York)
Investment Dealers Digest (2008)
#1 in European Buyouts (value, announced)
Mergermarket (2007 Rankings, U.S.-based law firms)
#1 in Asia Pacific Buyouts (value, announced)
Mergermarket (2007 Rankings, U.S.-based law firms)
Top 5 in U.S. LBOs
Legal Business (2007 Rankings)
Top 5 in Global Buyouts (value, announced)
Mergermarket (2007 Rankings)
Latin American Private Equity Deal of the Year
(Consortium acquisition of Controladora Milano)
LatinFinance (2007)
Asian M&A Deal of the Year and Asian Pacific Loan of the Year
(Texas Pacific Group and Newbridge Capital's investment in Lenovo)
International Financial Law Review, International Financing Review (2006)
“Highly Recommended” firm in buyouts
Global Counsel Handbook for Private Equity (2007/2008 edition)
"Highly Recommended" for Private Equity in France and New York
PLC Which Lawyer? Yearbook (2007)
“This American firm garners tremendous respect from sources for its transactional abilities, and its presence in Asia has recently been strengthened with the opening of a new office in Seoul. Sources say: ‘We have tremendous respect for the team, we think they are top notch.’”
Chambers Asia (2013)
“The group benefits from the support of a premier capital markets team. ‘The team is technically very strong and it has proven this over and over again – the talent they bring is of high quality and we always go back to them.’”
“Private equity is a core practice area for this stalwart US firm, which has been active in Asia for more than 30 years. It has two offices in Greater China, from which it runs its Asian operations, including handling significant work in South Korea and India.”
Chambers Global (2012)
“This team continues to advise on private equity deals across a wide range of sectors with a strong emphasis on cross-border transactions. In the past year, it has represented a variety of sponsors within the media and technology sector … ‘One of the finest financing practices in private equity.’”
Chambers USA (2012)
“Sources say: ‘The talent they bring is of the highest quality. We have a close relationship with them on a global basis and they understand how we like to do transactions in this part of the world.’”
Chambers Asia (2012)
Cleary Gottlieb “continues to draw praise from its GP clients, which highlight the ‘high-quality, timely and attentive delivery every time,’ and the ‘excellent knowledge of market terms’ among the two partners and one counsel that make up the investment management practice.”
The Legal 500 U.S. (2012)
“This firm maintains its prominent reputation in the USA and, with offices in 12 major international financial centers, it is well placed to handle work in many jurisdictions and continues to be present on EU transactions. … ‘Cleary has a fabulous international network. … It’s really first-rate.’”
Chambers Global (2011)
|
|