Slaughter and May advised Essentra plc (Essentra) on the acquisition of Blue NewCo 1 B.V., the holding company of the entire Specialist Packaging Division of Clondalkin Group (Clondalkin SPD), by a subsidiary of Essentra, ESNT International Limited (the Acquisition). The transaction values Clondalkin SPD at approximately US$455 million, free of cash, debt, debt-equivalent items and tax assets. Completion of the Acquisition is subject to customary closing conditions, including clearance from certain competition authorities, which are anticipated to be satisfied in Q1 2015.

Slaughter and May also advised Essentra on a placing of up to approximately 9.99% of its existing issued ordinary share capital (the Placing) which raised gross proceeds of approximately £168.8 million. The Placing, which was announced on 12 November 2014, was conducted by an accelerated book-building process. Deutsche Bank AG, London Branch, acted as lead manager and sole bookrunner in connection with the Placing. The proceeds of the Placing will be used to support the funding of the Acquisition.

In relation to the Acquisition, A&L Goodbody advised on aspects of Irish law, De Brauw Blackstone Westbroek advised on aspects of Dutch law; and Paul, Weiss, Rifkind, Wharton & Garrison LLP advised on aspects of US law.

CONTACTS

Corporate and Commercial: Jeff Twentyman (partner), Catherine Rutter (associate), Phoebe Hughes (associate), Di Yu (associate); Competition: Michael Rowe (partner), William Turtle (associate), Elena Prattent (associate); Tax: Sara Luder (partner), Gregory Price (associate).