18 October 2004 LAWFUEL – Law, legal, attorney, banking law, law…

18 October 2004 LAWFUEL – Law, legal, attorney, banking law, law firm newsInternational legal practice Allen & Overy has advised The Royal Bank of Scotland (RBS) on the financing of the acquisition of Algeco by the private equity firm TDR Capital (TDR) from its majority shareholder, TUI. Algeco is the European leader in modular constructions and is listed on the Second Marché of Euronext Paris S.A.

This 497 million euro financing took the form of a Public to Private (P to P) transaction and constituted a 360 million euro debt push down and a 137 million euro mezzanine bridge to high yield. This is potentially the second most important P to P transaction to take place in France this year.

The Paris office acquisition finance team involved in this transaction was led by partner Jonathan Nabarro, with the assistance of partner Adrian Mellor and associates Jennifer Hinge, Laetitia Costa, Fiona Walls, Benjamin Dahan and Adnane Belahcen. Frédéric Moreau, partner and Alexandre Ancel, associate, advised on the corporate aspects of this financing and partner Patrice Couturier advised on the tax aspects.

In London, the leveraged finance team comprised Jacqueline Evans, partner, and associates Simon Middleton, Nicholas Bower, Heather Culshaw and Sophie Morrison.

TDR was advised by Simpson Thacher (partner Stephen Short) in London and Gide Loyrette Nouel (partner Serge Tatar) in Paris.

Jonathan Nabarro comments:
“We are particularly delighted to have advised RBS on one of the few P to P transactions to take place on the French market so far this year. We worked in close collaboration with our London office to achieve this extremely complex financial arrangement, demonstrating the integration and multidisciplinary skills of Allen & Overy’s international teams.”

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