Tate & Lyle’s £2.7bn takeover hands Hogan Lovells and Linklaters major mandates

Hogan Lovells and Linklaters have landed lead roles on the £2.7 billion takeover of Tate & Lyle by US food ingredients giant Ingredion, in the latest example of a UK-listed company being taken private by an overseas buyer.

Ingredion’s approach was first announced in mid-May, with the companies announcing they had agreed an all-cash deal on Monday (8 June). 

Best known for its sugar cubes, Tate & Lyle divested its sugar business in 2010 and has remained a leading global food ingredient supplier since.

The acquisition will see Tate & Lyle, one of the original founder constituents of the FT-30 index in 1935, become the latest UK company taken off the London stock market by an overseas buyer.

The trend has generated a steady stream of high-value mandates for City law firms.

In April, FTSE 250 manufacturer Senior agreed a takeover by a Blackstone and Tinicum-led consortium for £1.4 billion, generating legal fees of around £24 million for firms including Linklaters, Slaughter and May, Goodwin, Freshfields and Simpson Thacher.

In February, storied City asset manager Schroders’ £9.9 billion sale to US asset manager Nuveen generated around £40 million in legal fees for top London firms. Clifford Chance advised the buyers while Slaughter and May acted for Schroders.

‍Advising

A Hogan Lovells team led by London M&A partner Daniel Simons and New York-based global head of M&A Bill Curtin is advising Ingredion.

The team includes antitrust specialists Logan Breed and Lauren Battaglia in Washington DC partners, Brussels partner Falk Schoening and London partner Angus Coulter. DC-based partner Rich Parrino advised on securities disclosure. 

Linklaters is advising long-time client Tate & Lyle, with corporate partner Lisa Chang and global head of corporate Simon Branigan taking the helm from London. Competition advice was provided by London partner Natura Gracia and New York partners Thomas McGrath and John Eichlin.

An all-London Addleshaw Goddard group assisted JPMorgan on the deal’s financing, with corporate partner Simon Wood leading, supported by partner Lucy Robson. Leveraged finance partner Ewen Scott and derivatives partner Paul Denham also advised.