London -LAWFUEL – Business & Law News Network – Allen & Overy LLP are advising Smiths Group plc on the USD 4.8 billion sale of Smiths Aerospace division to General Electric Company, and on a proposed joint venture with GE to form Smiths GE Detection.
Following the sale of Smiths Aerospace, Smiths board of directors propose to return STG 2.1 billion to shareholders by a B share scheme. The sale is due for completion during the second quarter of 2007, and is conditional upon obtaining merger and anti-trust clearances in the United States and from the European Commission, and the approval of Smiths shareholders at an Extraordinary General Meeting.
The joint venture combining Smiths Detection with GE Homeland Protection will form Smiths GE Detection, and will be owned 64% by Smiths and 36% by GE. Completion is conditional on the consent of the Smiths and GE boards, Smiths shareholder consent, certain regulatory approvals
and the completion of the sale of Smiths Aerospace Division to GE.
The Allen & Overy team is being led by corporate partner David Wootton.
Advising on the sale of Smiths Aerospace division are:
· Corporate partner Mark Dighero, assisted by Ben Higson, Mark Davis and Fiona O’Shea
· Antitrust partner Alistair Lindsay, assisted by Brian Sher
· Environment partner Owen Lomas, assisted by Amy Merrill
· Tax partner Brenda Coleman, assisted by Tim Harrop
· Pensions partner Derek Sloan, assisted by Rebecca Buchanan
· Employment partner Mark Mansell, assisted by Jennifer Grey
· IP associate, Jim Ford
· Banking partner Peter Schulz, assisted by Kathleen Wong and Daniel Franks.
Advising on the Joint Venture are:
· Corporate partner Alistair Asher, assisted by Ben Jacobs
· Antitrust partner Alistair Lindsay, assisted by Alison Berridge
· Tax partner Stephen Fiamma, assisted by Matthew Peckosh
· IP associate Jim Ford.
Commenting David Wootton said: “We are delighted to be advising Smiths on these key strategic transactions.”