2 August 2004 – Read today’s legal news, law, law firm news & legal research at LAWFUELHerbert Smith and Stibbe advise Société Générale for the first time on major acquisition finance transaction
Herbert Smith and Stibbe have advised both the media & telecommunications and leveraged finance teams at Société Générale in relation to a EUR215 million funding package provided for MACH Sarl, the Luxembourg-based mobile telecommunications company. This is the first time that the two firms have advised the investment bank on a transaction of this nature since Herbert Smith was named as a member of its global panel in March 2003.
Société Générale client relationship partner and head of the firm’s banking and finance team in Paris, Georges Dirani, commented:
“This instruction from Société Générale is a real vote of confidence in the acquisition finance team that we are building at Herbert Smith and the cross-border service that we are able to provide our clients in conjunction with our alliance colleagues.”
The transaction is subject to regulatory clearance in key European jurisdictions.
MACH Sarl, which is controlled by the private equity houses Advent International and Providence Equity Partners, will use the loan facilities to acquire Dan Net A/S, a leading Danish telecommunications company.
The transaction was led by acquisition finance specialist Malcolm Hitching. Malcolm joined Herbert Smith from Norton Rose in November 2003 and previously advised Société Générale, together with Bank of Ireland and West LB, in relation to the EUR95 million management buy-in (MBI) of MACH Sarl which was backed by Advent International in November 2002.
The team comprised Herbert Smith finance assistants James Renwick and Helen Fletcher. Stibbe’s Gerhardt Vels and Philip Tan provided Dutch law advice. Danish law firm Gorrissen Federspiel Kierkegaard advised on Danish issues.
Lovells advised MACH Sarl.