Global excellence in Private M&A
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Global Case Studies
Our private mergers and acquisitions experts are advising on significant deals from across our 30 global offices. Over the last eight years we have advised on more UK Private bids than any other firm, including, in 2019, seven takeovers valued at £1bn+.
Achieving value through auction processes
We were lead adviser to Nestlé on its sale of Nestlé Skin Health (“NSH”), a leading global provider of skin health products, for USD 10.2bn to a consortium led by EQT, and which also included ADIA, PSP Investments and GIC. Linklaters designed and executed a unique auction process and also executed a complex carve-out of the business from Nestlé.
This was the largest leverage buyout in Europe in 2019 and was the stand-out M&A deal in 2019. In order to maximise value for Nestlé as selling shareholder, the transaction was conducted as an auction involving multiple competing bidders and three competing transaction structures all on the same auction timetable, which resulted in a highly competitive and successful process.
We acted for ORIX Corporation, a global financial services group based in Tokyo, Japan, on their agreement to acquire a 30% interest in Avolon Holdings Limited, a leading global aircraft leasing company based in Ireland. Avolon is owned by Bohai Capital, a global leasing company listed on the Shenzhen Stock Exchange, which in turn is indirectly controlled and majority owned by the HNA Group, a conglomerate headquartered in China. The acquisition was subject to a number of conditions, including regulatory merger control approvals, and is a strategically important deal in the aviation sector.
We acted for Whirlpool Corporation on the sale of its Embraco compressor business to Nidec Corporation, a leading manufacturer of electric motors. Headquartered in Brazil, Embraco had been a Whirlpool business unit since 1994 with a workforce of nearly 10,000 employees in seven plants in Brazil, China, Slovakia and Mexico, along with commercial offices in the U.S., Italy and Russia. Prior to closing, Whirlpool undertook a restructuring of the Embraco business in multiple jurisdictions and the parties cooperated to obtain antitrust approval in eight jurisdictions.