Recent Transactions

15-Dec-19
Pending
$45.4 billion
Target: 

Nutrition & Biosciences Division of DuPont de Nemours, Inc.

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Acquiror: 
International Flavors and Fragrances, Inc.

Advising IFF, a global leader in flavors and fragrances, on its merger with DuPont’s Nutrition & Biosciences Division, creating a clear global leader in the specialty ingredients sector

09-Nov-10
$27.0 billion
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Target: 

General Growth Properties Inc.

Advised the 2006 Credit Facility Lenders, the largest class of unsecured debt with claims in excess of $2.8 billion, in connection with the Chapter 11 proceedings of mall REIT GGP, which resulted in cash payoff of the facilities in full

30-Mar-07
$24.4 billion
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Target: 

Alliance Boots plc

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Acquiror: 
Kohlberg Kravis Roberts & Co. Ltd. and Stefano Pessina

Advised Alliance Boots plc, the leading international pharmacy-led health and beauty group, on a proposal regarding an offer for the company from a consortium comprising of Kohlberg Kravis Roberts & Co. Ltd. and Stefano Pessina

15-Dec-06
$19.1 billion
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Target: 

Gallaher Group plc

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Acquiror: 
Japan Tobacco Inc.

Advised Gallaher Group plc, the world’s fifth largest tobacco company, on a recommended cash offer from Japan Tobacco Inc

06-Oct-17
$18.4 billion
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Target: 

Caesars Entertainment

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Advised selected Second Lien Noteholders, including Canyon Capital Advisors, Mason Capital, Paulson & Co. and Soros Fund Management regarding Caesars Entertainment Operating Company’s Chapter 11 proceedings

26-Nov-12
$16 billion
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Target: 

Archstone Enterprise LP

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Acquiror: 
AvalonBay Communities & Equity Residential

Advised AvalonBay on its joint acquisition with Equity Residential of the assets and liabilities of Archstone Enterprise LP, an owner of high-quality apartment communities in major markets in the United States, from Lehman Brothers Holdings

25-Feb-10
$14.4 billion
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Target: 

Coca-Cola Enterprises Inc.

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Acquiror: 
The Coca-Cola Company

Advised the Affiliated Transaction Committee of Coca-Cola Enterprises Inc. on the sale of its North American bottling operations to The Coca-Cola Company and on its concurrent acquisition of The Coca-Cola Company’s bottling operations in the Nordic region

27-Mar-18
$13.0 billion
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Target: 

Novartis AG’s 36.5% stake in Consumer Health Joint Venture

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Acquiror: 
GlaxoSmithKline plc

Advised and acted as sponsor to GlaxoSmithKline plc, the UK’s leading pharmaceutical company, on the buyout of Novartis’ 36.5% stake in their Consumer Health Joint Venture

16-Jan-01
$11.5 billion
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Target: 

Ralston Purina Co.

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Acquiror: 
Nestlé S.A.

Advised Nestlé on the agreed cash offer for the US pet-food company Ralston Purina

27-Jun-14
$11 billion+
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Target: 

TUI Travel Plc

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Acquiror: 
TUI AG

Advised TUI AG on the merger with TUI Travel Plc creating the world’s number one integrated leisure tourism business (+Transaction value represents enterprise value of combined entity)

09-Mar-20
Pending
$10.6 billion
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Target: 

Tesco plc’s Thailand and Malaysia businesses

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Acquiror: 
Charoen Pokphand Group

Advising Tesco plc, a leading UK retailer, on the sale of its Thailand and Malaysia businesses to Charoen Pokphand Group, the Thai conglomerate 

17-Jul-00
$10.5 billion
U.S.A., U.K. flags
Target: 

Diageo plc

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Acquiror: 
General Mills, Inc.

Advised Diageo on the sale of The Pillsbury Company for $5.1 billion in assumed debt and $5.4 billion in stock to General Mills.

06-Mar-14
$10.0 billion
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Target: 

Safeway Inc.

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Acquiror: 
Albertsons (majority owned by Cerberus Capital Management)

Advised the Board of Directors of Safeway Inc., a leading food and drug retailer, on its acquisition by Albertsons

19-Dec-00
$8.2 billion
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Target: 

Seagram

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Acquiror: 
Diageo plc and Pernod Ricard

(Spirits Division)
Advised Diageo on its joint agreed bid with Pernod Ricard for Seagram’s spirits business.

06-Jun-14
$7.2 billion
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Target: 

AA Limited

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Advised the management buy-in team on the acquisition by leading institutional investors of AA Limited from Acromas and simultaneous listing on the London Stock Exchange

07-May-18
$7.1 billion
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Target: 

Frutarom

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Acquiror: 
International Flavors and Fragrances

Advised IFF, a leading innovator of specialty ingredients, on its acquisition of Frutarom, creating a global leader in Taste, Scent and Nutrition

18-Mar-03
$7.0 billion
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Target: 

Wella AG

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Acquiror: 
The Procter & Gamble Company

Advised Wella AG, a global market leader in hair care and fragrances, on its sale to The Procter & Gamble Company

22-May-07
$6.5 billion
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Target: 

Crescent Real Estate Equities Company

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Acquiror: 
Morgan Stanley Real Estate

Advised Crescent Real Estate Equities Company, a REIT holding a diversified portfolio of office properties, hotels and resorts and luxury residential developments on its sale to Morgan Stanley Real Estate

03-Aug-06
$6.0 billion
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Target: 

Reckson Associates Realty Corporation

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Acquiror: 
SL Green Realty Corporation

Advised the independent directors of Reckson, a real estate investment trust specializing in properties located in New York City and the surrounding Tri-State area, on the sale of Reckson to SL Green

23-Oct-12
$5.7 billion
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Target: 

Target Corporation’s REDcard credit card assets

U.S.A., Canada flags
Acquiror: 
The Toronto-Dominion Bank Group

Advised The Toronto-Dominion Bank Group on its acquisition of Target Corporation’s REDcard credit card assets

24-Jul-15
$5.6 billion
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Target: 

Gala Coral Limited

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Acquiror: 
Ladbrokes plc

Advised Ladbrokes plc, a leading UK betting and gaming company, on the recommended all-share merger with certain businesses of Gala Coral Limited, including Coral Retail, Eurobet Retail and Gala Coral Online

22-Dec-17
$5.3 billion
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Target: 

Ladbrokes Coral Group PLC

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Acquiror: 
GVC Holdings PLC

Advised Ladbrokes Coral Group PLC, a leading multi-channel sports betting and gaming company, on a recommended offer from GVC Holdings PLC, a multi-national online sports betting and gaming company

18-Apr-19
$4.8 billion
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Target: 

Acreage Holdings Inc.

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Acquiror: 
Canopy Growth Corporation

Advised Canopy Growth, a leading diversified cannabis company, on its acquisition of Acreage Holdings Inc., a vertically-integrated multi-state cannabis company with its headquarters in New York

27-Jan-17
$4.6 billion
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Target: 

Booker Group plc

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Acquiror: 
Tesco plc

Advised Tesco plc, the UK’s leading retailer, on its merger with Booker Group plc, the UK’s leading food wholesaler, to create the UK’s leading food business

20-Apr-17
$4.3 billion
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Target: 

Brookfield Canada Office Properties

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Acquiror: 
Brookfield Property Partners L.P.

Advised the Special Committee of Brookfield Canada Office Properties, Canada’s pre-eminent office real estate investment trust, on its go private transaction with Brookfield Property Partners L.P.

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