Dealmakers

Netherlands: Benelux bonanza

Dutch law firm AKD advised real estate investment company WDP in its strategic acquisition of a 30,000 m2 warehouse along the road connecting Amsterdam with Germany.
The deal will see WDP increase the value of its Dutch portfolio to €350 million, becoming a market leader in the Benelux region. Partner Mariëtta van Wijk led the AKD team, which assisted WDP in the acquisition from Dutch manufacturer Pon Onroerend Goed. Pon will finish renovation and construction of the facility, after which an affiliate will lease the warehouse on a 15-year contract.

Switzerland: skin deep

Galderma Pharma, a global pharmaceutical company specialising in dermatology, has entered into a share purchase agreement to acquire Egerkingen–based Spirig Pharma, a leading company in the development, production, and marketing of dermatological products. Swiss law firm Homberger advised Galderma, with a team led by corporate partner Frank Gerhard. Spirig includes top brands such as Excipial, Daylong and Daylong Actinica, generating sales of CHF 98.4 million (4108.2m) in 2011 with 390 employees in total.

Bulgaria: complex transaction

The Sofia office of Vienna-based eastern and central European law firm Schoenherr advised VTB Capital and Corporate Commercial Bank (CCB) on their acquisition of a majority share in the Bulgarian Telecommunications Company, known under its brand name Vivacom.
The deal – which sees 94 per cent of the shares of BTC purchased -- is one of the most complex transactions ever in Bulgaria, the firm claims, relying on several legal concepts that had never been used in the country before. As a result, a horde of other law firms was also involved in the transaction.
Through the deal, the Vivacom group's debt was reduced from €1.7 billion to around €588m, with VTB and CCB (acting via affiliates) acquiring a majority stake in the restructured group, and the syndicate of credit institutions acquired a minority equity stake. The deal was approved by the European Commission last October.
The Schoenehrr Sofia team was led by partner Ilko Stoyanov. VTB and Corporate Commercial Bank were advised by White & Case, Schoenherr Sofia, and Elvinger, Hoss & Prussen. The syndicate of Vivacom creditors was advised by Clifford Chance, Hogan Lovells, and Boyanov & Co. The owners of Vivacom were advised by Freshfields, Kirkland & Elis, Georgiev, Todorov & Co and Spassov & Bratanov.

Japan: sprint finish

San Francisco-based global law firm Morrison & Foerster has bumped up its end of year mergers and acquisition figures by advising Japanese wireless company Softbank on its recently announced controlling investment in Sprint Nextel, in a deal valued at $43.3 billion. According to a statement, the firm is finishing 2012 having advised on some 111 M&A transactions valued at approximately $110 billion.
Meanwhile, Kansas-based wireless network carrier Sprint is acquiring full ownership of Washington internet service provider Clearwire, with an additional 50 per cent investment valued at $2.2 billion.
Leading the Softbank deal team in the Clearwire acquisition are Morrison & Foerster corporate partners Ken Siegel, managing partner of the firm's Tokyo office, along with Robert Townsend in San Francisco, co-chair of the firm's global M&A practice. Both lawyers are also leading the Sprint transaction.

Peru: high confidence

New York law firm Milbank has represented underwriters Goldman Sachs, BofA Merrill Lynch, and Scotiabank as initial purchasers of a $400 million offering by Scotiabank Peru, that country’s branch of Canada's Bank of Nova Scotia.
Milbank fielded a team led by New York partner Marcelo Mottesi, who commented: ‘Investor confidence in Latin America is very high right now – and particularly in Peru, with its brisk economic growth. Many of the region’s banks have gained solid footing for commercial lending, retail business and investment.’