Law firms line up on £1.4bn take-private of London-listed Senior
A Blackstone and Tinicum consortium are buying UK-listed high tech manufacturer Senior in a £1.4 billion all-cash acquisition that will spell the end of its time as a public company.
A roster of major law firms are involved, including Linklaters, Goodwin, Freshfields, Simpson Thacher and Slaughter and May.
A group of heavyweight US and UK firms have been brought in to advise on Blackstone and Tinicum’s £1.4 billion takeover of London-listed aerospace manufacturing firm Senior, in the latest example of American investors targeting UK public companies.
The all-cash deal will see the FTSE 250 group - which makes components used in aerospace, defence and energy systems - taken private and delisted from the London Stock Exchange, subject to shareholder approval.
US buyers circle UK listings
American investors have been active buyers of UK-listed companies in recent years, drawn by what many view as undervalued assets.
The deals have become a significant driver of high-end legal work. Earlier this year, Nuveen’s £9.9 billion acquisition of Schroders generated around £40 million in legal fees, with Clifford Chance and Slaughter and May acting as lead advisers.
Advising
Linklaters is acting as lead legal adviser to the bidder consortium of Tinicum and Blackstone, with a team led by private capital partner Alex Lehtinen and M&A partner Iain Fenn.
Goodwin is also advising the consortium and Tinicum, while Freshfields is advising Blackstone, with PE partner James Scott and M&A specialist Kate Cooper leading the team.
A Simpson Thacher team led by London and Brussels-based partner Antonio Bavasso and counsel Henry Llwellyn, also in Brussels, is providing regulatory advice to Blackstone.
Slaughter and May is acting for Senior, with a team including corporate partners Victoria MacDuff and Harry Hecht.
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