Allen & Overy has advised Oswestry, a bid company established by Malcolm Walker, the founder and executive chairman of the business, on its acquisition of Iceland Foods Group Limited for GBP1.45 billion.

The bidder has been formed by the Iceland Foods management team, led by Malcolm Walker, with Tarsem Dhaliwal, Nigel Broadhurst and Nick Canning, who will together own 43% of the business.

The remaining 57% will be owned by co-investors Brait SA, a South African investment company, The Landmark Group, a retail group with interests in the Middle East and India, and Lord Kirkham, the founder of the DFS business.

An GBP860 million debt package of all senior debt was funded by Credit Suisse, Deutsche Bank, HSBC, Nomura and RBS. A&O advised on the terms of the acquisition from the previous majority owners, on the equity fundraising and the debt terms.

The Allen & Overy team was led by corporate partner George Knighton supported by corporate associates William Samengo-Turner and Alex Tilley. Banking partner Jonathan Brownson supported by banking senior associate Chris Barron advised on the debt terms.

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