A round-up of recent global deals and the lawyers who made them happen.
Australia: A pizza Japan
Australian pizza company Domino’s Pizza Enterprises has purchased 75 per cent of Domino’s Pizza Japan in a $AUS 282 million deal, Lawyers Weekly reports. Domino’s Pizza Enterprises was advised by Thomsons Lawyers, with a team led by Eugene Fung; Anderson Mori & Tomotsune, as Thomsons’ Japanese counsel; and Ashurst Australia, on debt facilities and consent by Sarah Dulhunty and Shawn Wytenburg in Sydney and on Japanese law and security by Kensuke Inoue in Tokyo. King & Wood Mallesons advised Morgan Stanley, the underwriter, with a team led by David Eliakim. Domino’s Pizza Japan is the third-largest pizza delivery chain in the country, and Domino’s Pizza Enterprises plan to take the 259 store total up to 600 in the long-term plan. The partnership will see Bain Capital retain a 25 per cent interest in Domino’s Pizza Japan for at least three years.
China: Tesco venture
UK retail giant Tesco is out to strengthen its presence in the Chinese market via a joint venture with China Resources Enterprise (CRE) which would combine their stores in China and Hong Kong and create a new entity. The new business would see 80 per cent owned by CRE and 20 per cent by Tesco, Legal Week reports. Freshfields Bruckhaus Deringer is advising Tesco on the venture, led by head of the firm’s retail sector group Claire Wills. Reed Smith Richards Butler are advising CRE, with a team led by Ivy Lai, a corporate partner based in the firm’s Hong Kong office.
London/Paris: electric deal
The London and Paris offices of Debevoise and Plimpton LLP are the advisers as Ray Investment sells 28.8 million shares in French electrical supplies distributor Rexel for an approximate value of €520 million. Representing Ray Investment as it reduces its shares in Rexel from 34 per cent to 25 per cent was a Debevoise team that included partner Raman Bet-Mansour and international counsel Tahar Garèche, in a deal that took place through an accelerated book-building (ABB) offering to institutional investors.
Spain: steely reserve
Spanish international law firm Uría Menéndez has advised 39 Spanish and foreign financial entities on the restructuring of the €2,800 plus financial debt of one of Europe’s largest steel companies, Celsa Group. The pioneering transaction saw the execution of a restructuring agreement in accordance with article 71.6 of the Spanish Insolvency Law. Leading the transaction for Uría Menéndez were Jaime de San Román, Ángel Pérez López and Eva García Morales. Lazard and Cortés Abogados were the financial and legal advisers respectfully to Celsa Group. The syndicate of lenders was advised by PricewaterhouseCoopers and coordinated by BBVA (also acted as agent), Caixabank, Santander, Sabadell, Banco Popular, Bankia, CatalunyaBanc, NCG Banco.
India: One in the bank
Slaughter and May has advised small private sector Indian bank Ratnakar Bank in its acquisition of the Royal Bank of Scotland’s (RBS) business banking, credit cards and mortgage portfolios in India as RBS continues its asset sales across the globe, Legal Week reports. Advising the Ratnakar bank on English law are Laurence Rudge and David Watkins from Slaughters in Hong Kong, with local law counsel provided by Luthra & Luthra. Linklaters is the English law legal adviser for RBS led by Matthew Middleditch in Hong Kong, with the local law adviser as AZB & Partners. Ratnakar will absorb all RBS employees and 120,000 of its customers in a deal whose value is as yet unknown.