Akin's new PE hires lead on £1.2bn PA Consulting deal

Akin and Milbank have landed lead roles on Jacobs' £1.2 billion acquisition of the remaining stake in UK-based PA Consulting, a deal that hands the NYSE-listed engineering group full ownership of the London-headquartered consultancy.

Dallas-based Jacobs is buying out PA's existing and former employee shareholders in a transaction that values the business at just over £3 billion.

Jacobs already owned a 65% stake in PA following a 2020 deal that valued the firm at £1.8 billion, when Linklaters-advised private equity giant Carlyle was the majority owner seller.

Early mandate for new hires

Akin advised Jacobs on the deal, with the team led by new London private equity partners Dan Oates and Angela Becker. The mandate is one of the first major transactions for the pair since joining Akin from Ropes & Gray in a high-profile move at the end of last year.

The hire also brings continuity on the client side. Oates previously led the Fried Frank team advising Jacobs on its original investment in PA in 2020, with Becker working on that deal as an associate, before the pair moved to Ropes in 2022.

Milbank also advising

Milbank acted for PA Consulting, fielding a cross-border team spanning corporate, private equity, tax, antitrust, employment, litigation and US securities.

The deal was led by London corporate partner Jordan Simpson. Scheme-related advice came from London partner Paul Buchan, while New York partners Iliana Ongun and Brett Nadritch covered US corporate and securities aspects.