Mannheimer Swartling assists Mblox, a leading application-to-person (A2P) mobile messaging provider based in the US processing more than 7 billion messages globally in 2015, in its sale to Swedish messaging provider CLX Communications AB (publ). The definitive agreement for the acquisition, which is made against a cash consideration of USD 117 million, was announced on 13 May 2016.
International law firm Watson Farley & Williams (“WFW”) is advising BBSFF EU Rail Lessor Limited (a subsidiary of Global Investments Limited), BOSSAF Rail Limited and Everest Babcock & Brown Opportunities Fund in connection with the sale of Ascendos Investments Limited (“Ascendos”), a European locomotive and rolling stock leasing company, to Beacon Rail Leasing, a Pan-European rolling stock lessor owned by Pamplona Capital Management.
HAL Investments B.V. entered into an agreement to sell all shares in its hearing aid retail subsidiary AudioNova International B.V. (AudioNova) to Sonova AG for EUR 830 million. AudioNova operates more than 1,300 stores in eight European countries. In Germany, the business is conducted under the brand name GEERS. The completion of the transaction is subject to regulatory approval and is expected in the second half of 2016.
Baker & McKenzie has advised Vallourec in the disposal of its subsidiary, Vallourec Heat Exchanger Tubes (VHET), to the industrial holding company, American Industrial Acquisition Corporation (AIAC). This operation is in line with Vallourec’s transformation plan and also reflects VHET’s ambition to become the market leader for thin welded tubes and the leader in titanium and finned tubes.
Kirkland & Ellis advised Towerbrook Capital Partners LP on its sale of AIM Altitude, a leading UK-based designer and manufacturer of aircraft cabin interiors, to AVIC International Holding Corporation, a Chinese multinational aviation company. The transaction was completed on 5 May, 2016. For more information on the transaction, please click here.
International legal practice Osborne Clarke has advised the shareholders of longstanding client IPL on its sale to Civica UK Limited, Civica Group Limited's wholly owned subsidiary.
IPL specialises in designing, building and managing secure business-critical software solutions for customers in both the public and private sectors. The acquisition will enable Civica, a market-leading specialist in digital solutions, to extend its position as a leading digital partner for its markets.
Slaughter and May advised UK Asset Resolution Limited (UKAR) on the sale of NRAM plc to Cerberus in connection with the sale of a portfolio of residential mortgages and unsecured loans from the legacy book of NRAM, part of the former Northern Rock mortgage business, which completed in December 2015. In addition to the share sale, the advice also concerned arrangements relating to the prior transfer of assets and liabilities not included in the sale to Cerberus to a newly established subsidiary of UKAR - NRAM (No. 1) Limited.
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The Hong Kong office of Debevoise & Plimpton is advising American International Group (“AIG”) in the sale of a $1.2 billion stake in PICC Property and Casualty Co Ltd (“PICC Property and Casualty”). The transaction was undertaken via a block trade in Hong Kong.
AIG is a leading global insurance organization serving customers in more than 100 countries and jurisdictions. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
PICC Property and Casualty is China’s biggest non-life insurer.
Davis Polk is advising China Yongda Automobiles Services Holdings Limited (China Yongda) in connection with the proposed spinoff of its major subsidiary, Shanghai Yongda Automobile Group Co., Ltd. (Automobile Group).
The Liverpool Corporate team of top 45 Law Firm, Weightmans, has advised the shareholders in Portgrade Limited its sale to Johnson Service Group (JSG).
Johnson Service Group (JSG), which is headquartered in Preston Brook, has acquired the entire shareholding of Portgrade together with its trading subsidiary Afonwen Laundry for £52.6m in cash.
Weightmans Corporate Partner, Ian Vicary who, together with Matt Williamson, Haydn Rogan and Ben Davies advised the shareholders on the sale, commented: