Having advised on many of the most significant public offers, very few firms can match our experience in public M&A and public-to-private transactions. Financial sponsors instruct us on public M&A deals in the UK knowing that, whatever the scale or complexity of the challenge, we will deliver, drawing on the best team from across our global practices.

• A consortium comprising TDR Capital and I Squared Capital: advising on their successful bid for Applus Services S.A., valuing the company at €1.65bn, following a sealed envelopes auction process.
• Advent: advising on
  • the £4bn recommended cash offer for Cobham plc.
  • the £1bn take private of Laird.
• Brookfield: advising on
  • its recommended cash offer for Network International Holdings plc at an enterprise value of £2.2bn.
  • its £4bn recommended offer for HomeServe plc.
• TDR Capital and I Squared Capital: advising a consortium of TDR and I Squared on their €1.65bn public offer for Applus Services S.A., a testing, inspection, and certification services company listed in Spain.
• Global Infrastructure Partners and the Consortium: advising on the $4.73bn recommended cash offer for ordinary share capital of Signature Aviation.
• Hg: advising on its £1bn takeover and related financing of Ideagen plc, a premier British software solutions company and leader in the regulatory and compliance software sector listed in London.
• IFM Investors: advising on the €5bn takeover bid launched over Naturgy, a leading global gas and electric utility company with a diversified infrastructure portfolio.
• Platinum Ivy (a wholly owned subsidiary of the Abu Dhabi Investment Authority, managed by ADIA PED), as part of a consortium which also comprises CVC and Nordic Capital: advising on  its recommended cash acquisition of Hargreaves Lansdown plc, valuing the UK FTSE 100  investment platform at £5.4bn.
• Warburg Pincus and TowerBrook Capital Partners: advising the consortium on the recommended offer for AA, valuing the business at approximately £2.8bn.

We are ranked as a Band 1 multijurisdictional global M&A team and consistently act on the largest and most complex M&A transactions. Leading financial sponsors in the market instruct us for our execution skills, commercial advice, technical expertise, global coverage and full service one-stop-shop offering.

• Apax Partners: advising on
  • the acquisition and the subsequent sale of Neuraxpharm.
  • the €1.8bn acquisition of Rodenstock from Compass Partners.
• BC Partners: advising on the £1.2bn acquisition of Davies Group, the leading provider of professional services and technology solutions to the global insurance market.
• Carlyle:
  • its acquisition of Anthesis, a global sustainability advisory and solutions firm.
  • the $2bn acquisition of AutoForm Engineering.
  • the acquisition and subsequent €1.4bn sale of Logoplaste Group.
• Carlyle and PAI: advising on their acquisition of Theramex, the leading global specialty pharmaceuticals company focused on women’s health, from CVC Capital Partners.
• CDPQ: advising on the €2bn acquisition of Akiem.
• Hg: advising on
  • its investment in The Access Group, valuing the business at £9.2bn.
  • the raising of significant new investment by Visma, valuing it at €19bn.
  • the investments by CPP Investments and Sofina in team.blue, valuing the company at €4.8bn.
• iCON Infrastructure: advising on its acquisition of Alliance Medical group from Life Healthcare, a South African listed company, at an enterprise value of £910m.
• Montagu: advising on the acquisition of Universal-Investment, and the subsequent sale of a minority stake to CPPIB.
• Ontario Teachers’ Pension Plan: advising on its investment in and combination of group.ONE and dogado group.
• Permira: advising on the acquisition of Universidad Europea de Madrid - the second-largest private university in Spain - together with two other higher education centres in Spain and one in Portugal.
• The TDR Capital-led consortium of private equity shareholders of LeasePlan: advising on its contemplated combination with ALD, Société Générale's car leasing division, for €4.9bn.
• TPG and GIC: advising on the acquisition of Techem for €6.7bn.
• EQT: advising on the acquisition of a majority stake in Trescal, a global leader in calibration laboratories.
• BlackRock: advising on its US$860m acquisition of a 30% stake in AirFirst Co. in Korea.

Having acted on more European large-cap sell-side mandates than any other law firm in recent years, we understand what is required to position a company for sale. Whether the exit is a sale by way of auction process, IPO, a dual track exit, merger, minority sale or otherwise, we have market-leading teams able to support you.

• Ardian and the minority shareholders: advising on the sale of 100% of the share capital of Monbake Group, to CVC.
• Apax Partners: advising on its sale of Unilabs Holding AB to A.P. Moller.
• BCA Marketplace and CD&R: advising on the proposed IPO and ultimate sale to Haversham Holdings.
• Carlyle: advising on the sale of PA Consulting to Jacobs Engineering, valuing PA’s business at £1.825bn.
• Cerberus: advising on its sale of Worldwide Flight Services for an enterprise value of c. €2.25bn.
• CPP Investments: advising on their acquisition of a 17.5% interest in NetCo, the most extensive telecoms network in Italy, for up to €2bn as part of a transaction which values the business at an enterprise value of approximately €18.8bn.
• iQ Student Accommodation (and its shareholders Wellcome Trust and Goldman Sachs): advising on its IPO as part of a dual-track which ultimately resulted in a £4.7bn sale to Blackstone.
• Montagu: advising on the sale of a substantial minority interest in Universal Investment Group to CPP Investments.
• Oakley Capital: advising on the sale of its majority stake in Facile.it Group to Silver Lake.
• PAI Partners: advising on the c.€2.2bn sale of Swedish Atos Medical to Coloplast A/S following a dual-track process.
• Partners Group: advising on the €4.5bn sale of Cerba HealthCare to EQT.
• Ontario Teachers’ Pension Plan: advising on its sale of Mémora Servicios Funerarios to Grupo Catalana Occidente, S.A.
• TDR Capital and Modulaire: advising on its IPO and M&A process run as a dual-track which ultimately resulted in a £4.2bn private sale.

Our specialist team acts for financial sponsors on their most significant and complex carve-out transactions across all sectors. We have unrivalled experience in delivering successful results both on the sell and the buy side, and as a result, are at the forefront of the latest market precedents, enabling us to provide clients with innovative solutions and efficient execution.

• Altaris Capital Partners: advising on its £325m purchase of Johnson Matthey Plc's health division (a global developer and manufacturer of specialist and complex active pharmaceutical ingredients for pharma and biotech companies).
• Blackstone and its portfolio company, Draken International: advising on the acquisition of Cobham's UK aviation services business.
• Hillhouse Investment: advising on the $5.2bn carve-out acquisition of Philips’ domestic appliances business.
• Montagu: advising on its carve-out acquisitions of the Emerging Portfolio Funds Research platform and the Maritime Intelligence business from Informa plc.
• Montagu: advising on its $470m global carve-out acquisition of Jane’s Information Group from IHS Markit.
• I Squared Capital: advising on the acquisition of the infrastructure division of GTT Communications, for $2.15bn.
• Nestlé: advising on the £7.8bn sale of its Skin Health division and related global supply and distribution arrangements.
• Thyssenkrupp: advising on the $18.7bn sale of its elevators business to Advent and Cinven.
• Unilever Teas: advising Unilever on the sale of its teas business to CVC, valuing the business at €4.5bn.
• Unilever Spreads: advising Unilever on the €6.825bn sale of its spreads business to KKR.

Our financial sponsor offering includes a market-leading leveraged finance and High Yield practice which is experienced in structuring innovative financing solutions to address operational flexibilities required by you and your portfolio companies.

• Brookfield: advising Brookfield on the financing for its £2.2bn recommended offer for Network International Holdings plc.
• Brookfield: advising Brookfield on the financing for its £4bn public offer for HomeServe plc.
• Carlyle: advising Carlyle on the financing for its acquisition of Anthesis.
• Carlyle: advising Carlyle on the TLB, RCF and PIK financing for its US$2bn acquisition of Autoform.
• Hg: advising Hg on the financing for its public offer for Ideagen plc.
• Hg: advising Hg on the financing for Team.blue.
• Hillhouse: advising Hillhouse on the financing for its US$3.7bn acquisition of the Phillips Domestic Appliances business.
• Macquarie: advising Macquarie on the financing for its recommended public takeover of Byggfakta in consortium with Stirling Square and TA Associates.
• Montagu: advising Montagu on the financing for its acquisition of Waystone Group and subsequent acquisition of Link Fund Solutions.
• Triton: advising Triton on the financing for its public tender offer for Caverion Corporation.
• Warburg Pincus and Towerbrook: advising Warburg Pincus and Towerbrook on the financing for the £2.8bn offer of The AA plc.
• Wendel: advising Wendel on the financing to support its investment in Globeducate alongside Providence Equity Partners.

Many companies and their existing stakeholders are increasingly seeking flexible and bespoke capital solutions which bridge the gap between traditional debt and common equity. At Linklaters, we draw upon our expertise across all key disciplines relevant to structured capital solutions, including private equity, restructuring and insolvency, dispute resolution, capital markets and debt finance, to deliver innovative and bespoke structures for the deployment of private capital in novel ways.

• Apollo: advising on its convertible preference share investment in Group of Butchers.
• Blackstone Tactical Opportunities: advising on various proposed investments and realisations, including the recent sale of Lombard International Assurance to Utmost Group.
• Brookfield-led consortium: advising on its preferred equity investment in GEMS Education, a UAE-based education and ancillary services provider, in one of the largest private equity investments in the region.
• Carlyle: advising Carlyle on a number of structured investments, including into Sanoptis, Orifarm, Cordstrap, London Southend Airport and many others.
• Morgan Stanley: advising on its preference share investment into the real estate assets of Swedish landlord, SBB.
• Montagu: advising on the preferred equity investment by Ares in Universal Investment Group.
• PIMCO: advising in relation to a number of its structured investments, including Finance Ireland, Qualco and Hellenic Bank.
• Portobello Structured Partnerships Fund investments: advising on its significant preferred equity investments in AGQ Labs, Condis, and Eurocebollas.
• Warburg Pincus: advising on its structured minority investment in United Trust Bank.

With specialist investment fund practitioners in the major asset management jurisdictions, we see the full scope of the global funds market from the perspective of sponsor and investor. Our experienced practitioners advise on structuring, formation, taxation and regulation of all types of investment funds, investment management arrangements, separate managed accounts and co-investments for investment in a broad range of asset classes. We produce a tailored product, bespoke to the client, asset type and commercial deal.

• Ardian: advising on the establishment and fundraising of a number of fund products across private equity, infrastructure and credit strategies.
• Partners Group: advising on the structuring and setting-up of European Long-Term Investment Funds.
• KKR: advising on the establishment of a variety of fund products, including private equity, infrastructure, real estate, and special situations products.
• Macquarie Group: advising on its European and Global infrastructure debt funds investing into investment grade and sub-investment grade infrastructure debt.
• Fund investments: advising on over 250 investments into fund vehicles investing US$30bn in the last 12 months across private equity, credit, real estate, infrastructure and hedge fund investments. 
• Co-investments: advising on 50+ single asset and co-investment vehicles in the last 12 months, across private equity, credit, real estate and infrastructure.
• European private equity buyout funds: recent examples include investments into Bridgepoint Europe VII, PAI Europe VIII, Charterhouse Capital Fund XI, Mid Europa V, Nordic Capital X, EQT X, CVC IX, Cinven VIII, Investindustrial VIII, Apax XI, BC Partners XI, Permira VIII, Bain Capital Europe Fund VI, Inflexion Buyout Fund VI, Triton 6.
• AIG Asset Management: advising on its sale of US$4.5bn global investment portfolio as part of the broader restructuring of AIG.
• DuPont Capital Management: advising on the sale of a portfolio of private fund interests to a secondaries fund.
  
  Aermont Capital: advising on the establishment and the closings of their first GP led secondary vehicle / continuation Fund, PGV SCSp (PGV). PGV is a long-term vehicle created to acquire and grow Pinewood Group (Pinewood). 
• Private equity, real estate and energy focused fund sponsors, including DRA Advisors, The Energy & Minerals Group, Hemisfério Sul Investimentos and Ram Realty Services: advising on several closed and proposed GP-led secondary transactions and fund recapitalizations.
  
   

Linklaters Global Private Credit Platform provides full-service, globally integrated support to the private credit sector. We draw upon the experience, knowhow and insight of market-leading individuals across a multi-disciplinary global team. We support our private credit clients across the fund lifecycle, from fund formation and fundraising, onto deployment of capital across an ever-expanding range of investment strategies, through to portfolio management and exit strategies.

Click here to learn more about our Private Credit offering.