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M&A: Seller's Counsel

White & Case Advises ABB Group on Divestment of ABB Full Service to Nordic Capital

27 Aug 2014

Global law firm White & Case LLP is advising the ABB Group, the leading power and automation technology group, on the divestment of its Full Service business to Nordic Capital Fund VIII.

ABB Full Service is the leader in industrial maintenance outsourcing services in Europe, with a particularly strong position in the Nordics and a global presence. The divestment achieves ABB's strategy of continuously optimizing its portfolio of companies.

InterMune's $8.9 Billion Acquisition by Roche

27 Aug 2014

Roche and InterMune, Inc. has announced they have entered into a definitive merger agreement for Roche to acquire InterMune at a price of US$74.00 per share in an all-cash transaction with a total equity value of US$8.9 billion. This offer represents a premium of 38% to InterMune’s closing price on August 22, 2014, and a premium of 63% to InterMune’s unaffected closing price on August 12, 2014. Cravath represented InterMune in connection with this transaction, which has been approved by the boards of InterMune and Roche and is expected to close in 2014.

Kirkland & Ellis Advises Schrader International in Sale to Sensata Technologies B.V. for $1.0 Billion

26 Aug 2014

Kirkland & Ellis LLP advised Schrader International in its sale of the Schrader group of companies to Sensata Technologies B.V., a wholly owned indirect subsidiary of Sensata Technologies Holding N.V. (NYSE: ST), for a total enterprise value of $1.0 billion.  Schrader is a global leader in tire pressure monitoring sensors and valves, and has been owned by long-term Kirkland client, Madison Dearborn Partners, LLC.  The transaction is subject to regulatory approval and other customary approvals. It is expected to close not later than the fourth quarter of 2014.

OpenGI - sale of OpenGI to Montagu Private Equity

20 Aug 2014

Slaughter and May is advising OpenGI, one of UK and Ireland's leading suppliers of business-critical software and services to the general insurance market, and its principal selling shareholders (including Peter Cullum) on the sale of OpenGI to Montagu Private Equity. Montagu Private Equity is investing alongside the current management team of OpenGI. The transaction, which was announced on 18 August 2014, is subject to regulatory approval and other customary conditions.

CONTACTS

Hill Dickinson sells 75% of Destinology Ltd to Saga plc

19 Aug 2014

Hill Dickinson’s corporate team has completed the £23million sale of a majority shareholding in Bolton-based online luxury holiday operator, Destinology Ltd, to Saga plc.

Destinology employs over 100 staff across its head office in Bolton and high street store in Cheshire.  Acromas Holidays Ltd, part of Saga plc’s travel brand, has acquired the leading online travel company to provide its database of 10million people with bespoke holidays at 5* hotels and resorts in major international destinations.

Wragge Lawrence Graham & Co advises on sale of Kennet Equipment Leasing

19 Aug 2014

Wragge Lawrence Graham & Co has advised the owners of Kennet Equipment Leasing Limited on its sale to a new fund raised by leading European fund manager, STAR Capital Partners.

Kennet Equipment Leasing, one of the UK's leading equipment finance brokers to small and medium-sized enterprises, was acquired via STAR Finance Partnership vehicle - a fund established for the purpose and to consolidate the asset finance broker market.

Clifford Chance advises sellers Providence Equity Partners and Airbridge in sale of majority stake in CDS Topco B.V. to Astorg Partners

18 Aug 2014

Clifford Chance advised the sellers Providence Equity Partners and Airbridge in the sale of a majority stake in CDS Topco B.V., a Pan-European retail and wholesale supplier of "Direct to Home" satellite pay TV services (known under the name of ''M7''), to Astorg Partners. The transaction was signed in July and is expected to close in the third quarter of 2014.

Since the acquisition of a majority stake in M7 by Providence in 2007, M7 has increased its subscribers from approximately 750,000 to more than three million in different European countries.

Shearman & Sterling Advises on Sale of SafeNet to Gemalto

15 Aug 2014

Shearman & Sterling represented SafeNet and Vector Capital in Gemalto’s acquisition of SafeNet from Vector Capital in an $890 million transaction.

Gemalto is a world leader in digital security with 2013 annual revenues of €2.4 billion and more than 12,000 employees operating out of 85 offices and 25 research and software development centers, located in 44 countries.