LAWFUEL – Legal News, Legal Jobs – Davis Polk & Wardwell is advising Credit Suisse on its strategic alliance with Ospraie Management, LLC, a New York-based investment management firm that currently oversees over $4 billion in basic industry and commodity investments. As one of the world’s leading banks, Credit Suisse provides its clients with investment banking, private banking and asset management services worldwide.
The strategic alliance will include a focus on private equity-type opportunities in the commodities and basic industries sectors. As part of the agreement, Credit Suisse will provide global distribution support and will provide at least $500 million to an Ospraie fund to invest in private equity-type opportunities in the commodities and basic industries sectors. Credit Suisse will also acquire a small, non-controlling interest in Ospraie. The terms of the transaction were not disclosed.
The Davis Polk corporate team includes partner Nancy L. Sanborn and associates William J. Chudd, Zhan Chen and Michael Steinberg. Partner Leor Landa and associate Gregory S. Rowland are providing investment management advice. Counsel Arthur S. Long is providing bank regulatory advice. Partners Michael Mollerus and counsel Mary B. Conway are providing tax advice. Counsel Lanny A. Schwartz is providing broker dealer regulatory advice. Matthew Cohen is the legal assistant for the transaction. All members of the Davis Polk team work in the New York office.
Investor Group to Acquire Peach HoldingsSeptember 12, 2006
Davis Polk & Wardwell is advising DLJ Merchant Banking Partners (DLJMB) in connection with the acquisition of Peach Holdings, Inc. by Orchard Acquisition Company. Peach Holdings is the parent company of Peachtree Settlement Funding, a leading specialty consumer finance company that purchases high-quality deferred payment obligations. Orchard Acquisition Company is a newly formed company to be owned by an investor group led by DLJMB and which also includes the senior management of Peach Holdings, Credit Suisse, LLR Equity Partners and Greenhill Capital Partners.
According to the terms of the merger agreement, all shareholders in Peach Holdings will receive £3.85 per share in cash, valuing the transaction at approximately £404 million. The transaction is currently expected to close in the fourth quarter of 2006, pending receipt of debt financing and approval of Peach Holding’s shareholders and other closing conditions.
The Davis Polk corporate team includes partner Nancy L. Sanborn and associates Aly El Hamamsy, Jeffrey Wool, Shawei T. Wang and David L. Portilla. Partner Kathleen L. Ferrell and associate Neil Barr are providing tax advice. Partners Kyoko Takahashi Lin and Jean M. McLoughlin are providing employment advice. Counsel Loyti Cheng is providing environmental advice. Partner Lawrence E. Wieman is providing credit advice. Partner Ronan P. Harty and associate Stephen M. Pepper are providing antitrust advice. Associate Frank J. Azzopardi is providing intellectual property advice. Associate John B. Gaffney is providing litigation advice. Matthew Cohen is the legal assistant for the transaction. All members of the Davis Polk team work in the New York office.
Ipsco to Acquire NS GroupSeptember 11, 2006
Davis Polk & Wardwell is advising IPSCO Inc. on its proposed acquisition of NS Group, Inc. IPSCO is an operator of steel mills at three locations and pipe mills at six locations in the United States and Canada. Based in Kentucky, NS Group is a leading manufacturer of seamless and welded oilfield tubular goods.
According to the terms of the transaction, IPSCO will acquire NS Group for $66.00 per share in cash, valuing the transaction at approximately $1.46 billion. The acquisition is expected to be financed with cash on hand and proceeds from a fully committed $1.25 billion bank credit facility. The transaction, which is expected to close by year-end 2006, is subject to approval of NS Group’s shareholders and other customary closing conditions, including regulatory approvals.
The Davis Polk corporate team includes partners George R. Bason Jr. and Peter R. Douglas and associates Michael Davis and Paul D. Hodgdon, all of the New York office. Partner Harry Ballan and associate Joanna Mork, both of the New York office, are providing tax advice. Partner Ronan P. Harty and associate Stephen M. Pepper, both of the New York office, are providing antitrust advice. Partner Barbara Nims and associate Sonesh S. Chainani, both of the New York office, are providing employment advice. Partner Karin S. Day and associate Marie-Christine Eldridge, both of the New York office, are providing credit advice. Partner Gail A. Flesher and associate Heather Daly, both of the New York office, are providing environmental advice. Partner Steven S. Weiner of the Menlo Park office and associates Frank J. Azzopardi and Stefan Quick, both of the New York office, are providing intellectual property advice. Counsel James P. McIntyre and associate Rebecca L. Brogan, both of the New York office, are providing real estate advice. Marcela Cano and Matthew Cohen, both of the New York office, are the legal assistants for the transaction.
