International law firm Clifford Chance LLP is advising Kohlberg Kravis Roberts & Co L.P. (KKR), and bid vehicle AB Acquisitions Limited
International law firm Clifford Chance LLP is advising Kohlberg Kravis Roberts & Co L.P. (KKR), and bid vehicle AB Acquisitions Limited, on the recommended acquisition of Alliance Boots plc which was announced on 20 April. AB Acquisitions Limited is jointly controlled by funds advised by KKR and Stefano Pessina, executive deputy chairman of Alliance Boots.
The transaction will be the largest leveraged buy-out (LBO) in Europe to date and the first take-private of a FTSE 100 company. The transaction, which will be implemented by a scheme of arrangement, values Alliance Boots at approximately £11.1 billion.
Alliance Boots, which is listed on the London Stock Exchange, is an international pharmacy-led health and beauty group with operations in retail and wholesale. It comprises approximately 3,100 retail outlets, of which approximately 2,800 have a pharmacy, with a wholesale network of around 380 depots serving over 120,000 outlets.
The Clifford Chance team is led by London-based corporate partners Daniel Kossoff Keith Hyman and Mark Poulton in conjunction with teams led by John Osborne (Competition), Clare Hoxey (Pensions), Kevin Thompson (Share Schemes), as well as several other specialist areas and Clifford Chance offices around Europe.
Simpson Thacher & Bartlett is advising KKR and AB Acquisitions Limited on the financing of the acquisition. Slaughter and May is advising the independent directors of Alliance Boots.