Clifford Chance has advised The Hongkong and Shanghai Banking Corporation Limited as underwriter, bookrunner and mandated lead arranger on the HK$10 billion financing of the acquisition by CLP Power Hong Kong Limited, a subsidiary of CLP Holdings Limited, of an additional 30% stake in Castle Peak Power Company Limited and a 51% stake in Hong Kong Pumped Storage Development Company, Limited.
Davis Polk advised Morgan Stanley & Co. International plc and J.P. Morgan Securities LLC as representatives of the underwriters of an offering by Cheetah Mobile Inc. (Cheetah) of 12,000,000 American Depositary Shares, each representing ten Class A ordinary shares of Cheetah, for a total proceeds of US$168 million. The company has granted the underwriters an option to purchase up to an additional 1,800,000 ADSs. The ADSs are listed on the NYSE under the symbol “CMCM.”
Cravath represented the underwriter, J.P. Morgan Securities, in connection with the US$2 billion registered debt offering of JPMorgan Chase & Co., a leading global financial services firm and one of the largest banking institutions in the United States. The transaction closed on May 13, 2014.
The Cravath team included partner William V. Fogg, senior attorney G. Douglas Johnson and associate Laura E. Hansell.
Cravath represented the underwriters, led by Citigroup, BofA Merrill Lynch, Wells Fargo Securities, Barclays and RBC Capital Markets, in connection with the US$228 million registered common stock offering of Sabra Health Care REIT, Inc., a self-administered, self-managed REIT that, through its subsidiaries, owns and invests in real estate serving the health care industry. The shares were listed on the NASDAQ Global Select Market. The transaction closed on May 12, 2014.
Cravath represented the initial purchasers, led by Wells Fargo Securities, BofA Merrill Lynch and J.P. Morgan Securities, in connection with the US$550 million 144A/Reg. S high-yield senior notes offering of Service Corporation International, North America’s largest provider of deathcare products and services. The transaction closed on May 12, 2014.
The Cravath team included partner Craig F. Arcella.
Baker & McKenzie advised The Bank of Tokyo-Mitsubishi UFJ, Ltd. on its USD12.5 billion loan facility to Suntory Holdings Limited ("Suntory") for the buyout of Beam Inc. ("Beam"), a NYSE-listed premium spirits company. On 30 April 2014 (US Central Time/1 May 2014 Japan Standard Time), Suntory completed its acquisition of Beam for approximately USD15.8 billion.
Clifford Chance advised Bank of America Merrill Lynch, BNP Paribas and Mizuho on a syndicated credit facility for Bayer to finance the purchase of the consumer care business of Merck & Co. The volume of the credit facility amounts to USD 14.2 billion.
The Clifford Chance team consisted of partner Dr. Bettina Steinhauer, counsel Dr. Mattias von Buttlar and associate Maike Täufer (all Banking & Capital Markets, Frankfurt).
A Travers Smith team led by corporate partner Helen Croke advised Intermediate Capital Group (ICG) on the management buy out of Education Personnel, the UK's leading supplier of teaching and education support staff.
With a national branch network, best in class systems and the largest pool of candidates in the country, Education Personnel provides the highest levels of service and enjoys close relationships with schools at a local level.
Squire Sanders’ Capital Markets team has advised on three IPOs of UK technology firms on the AIM market of the London Stock Exchange in the past six weeks. Matt Doughty, IPO expert in the Capital Markets team in London, said, “UK technology is booming through innovation and creativity and AIM is naturally attracting listings from dynamic firms across the sector, looking for growth opportunities and the capital to fund them.
Sheffield-based X-Cel Superturn (GB) Ltd, which manufactures precision engineered components for the oil and gas sector, has acquired fellow Yorkshire business Colson Industries in a £1.75 million deal.
Elland-based Colson Industries manufactures valves, also for the oil and gas industry. It will operate as a 100% subsidiary of X-Cel Superturn, which will strengthen the newly acquired company’s management team with the appointment of a technical director and sales director.