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LONDON – 3 February 2005 – LAWFUEL – The Law News Network – The Asset…

LONDON – 3 February 2005 – LAWFUEL – The Law News Network – The Asset Based Finance team at DLA Piper Rudnick Gray Cary’s London office (‘DLA Piper’) has advised GE Commercial Finance Limited on its provision of €31.3 million invoice discounting and term loan facilities, which were utilised to assist in the buyout of the Power Systems Division of French telecommunications company Alcatel. The GE Commercial Finance Limited funding was provided to divisions based in England, France, Italy and Spain. NY equity house, Ripplewood provided private equity funding for the acquisition.
DLA Piper is a panel firm for GE Commercial Finance Limited.

The DLA Piper team was led by banking partner David Breakell, who was assisted by banking associate, Alex Monk and trainee Richard Chere.

David Breakell, banking partner in DLA Piper’s London office said: “This was a satisfying transaction to close given the complicated multi-jurisdictional issues which were involved and the lengthy negotiations on the acquisition. This was a significant transaction for GE Commercial Finance Limited given its stated aim to increase its profile in the European acquisition finance market and also for DLA Piper in strengthening its growing relationship with GE Commercial Finance Limited.”

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.