Mergers, Acquisitions & Joint Ventures

Covington’s recognised corporate expertise -- combined with our extensive regulatory experience and in-depth sector knowledge in areas such as life sciences, telecommunications, media and clean tech -- sets us apart from other leading M&A firms.

Our London M&A practice regularly handles a wide range of public and private transactions in the UK and internationally.  Our clients include Global 100 companies, other public and private European, US, Asian and other multinationals, emerging companies, private equity firms, investment banks and venture-backed companies.  We advise our clients in their capacity as acquirers, targets, financial advisors, investors and joint venture partners in acquisitions and disposals of entire companies and product lines, public takeovers, joint ventures and other strategic alliances.

A hallmark of our M&A practice is our ability to integrate Covington’s extensive industry-specific expertise and cross-disciplinary skills -- both domestically and internationally -- in order to add value in due diligence, help structure transactions most advantageously and advance efficiently and effectively our clients’ legal and business requirements.

Representative Matters

• Axis-Shield plc on the £235 million all cash public takeover offer from Alere, Inc., a US company listed on the New York Stock Exchange.  Axis-Shield is an international company focused on the development and manufacture of important in vitro diagnostic tests for use in clinical laboratories and at the point of care.  Axis-Shield is listed on the London Stock Exchange and also on the Oslo Stock Exchange.  Alere’s offer for the company was initially made on a hostile basis and vigorously defended by Axis-Shield and its advisors. Ultimately, the board of Axis-Shield recommended an increased cash offer from Alere valuing the company at £235 million.
• Coty Inc. on the $800 million acquisition of Unilever’s global prestige fragrance business, Unilever Cosmetic International, which included perfume licenses for Calvin Klein, Cerruti and Lagerfeld.
• Encysive Pharmaceuticals Inc. in connection with the acquisition of Encysive by Pfizer Inc. for an equity value of approximately $195 million.
• Giorgio Armani, S.p.A., in an acquisition and joint venture with Como Holdings, Inc. - which has the rights to manufacture and sell clothes and accessories under the A/X Armani Exchange brand in the US and many other territories worldwide.
• Giorgio Armani, S.p.A. in forming a joint venture between Armani and Dubai-based EMAAR Properties for the construction and operation of a collection of Armani branded luxury hotels and resorts in prime locations across the world.
• Gothaer Lebensversicherung AG, a German mutual insurance corporation on the disposal of its equity interest in European Credit Management Limited.
• HealthpointCapital Partners in its €71 million acquisition by way of private purchase and public tender offer of Ideal Medical Products, S.A., a French company listed on Euronext Paris.
• Hellenic Telecommunications Organization S.A., the Greek landline telephone company known as OTE listed on the Athens, London, and New York stock exchanges, on the US and UK securities laws aspects of its $2 billion tender offer for the shares of Cosmote Mobile Telecommunications S.A., the Greek wireless carrier listed in Athens and London.
• HIT Entertainment, one of the world’s leading children’s entertainment producers and rights owner, on a joint venture with Chellomedia, which currently operates 27 branded TV channels across Europe, to launch pre-school children’s TV channel, JimJam, internationally.
• Indian Energy Limited, an independent power producer operating wind farms in India, in its recommended all-share takeover by Infrastructure India plc.
• International Specialty Products, Inc. on the sale of its UK-based hydrocolloids ingredients business to FMC Corporation.
• JLG Industries in its $3.2 billion merger with Oshkosh Truck Corporation.
• Joy Global Inc. on the European aspects of the acquisition of NES Investment, Co., the parent holding company of Continental Global Inc., which designs, manufactures, installs and services highly engineered bulk material conveyor systems for mining and other industrial applications for customers on six continents.
• Pantheon funds in their acquisition of a $600 million+ portfolio of private equity fund investments from a Swiss insurance company.
• The Procter & Gamble Company in its acquisition of a 50% stake in a joint venture company with Inverness Medical Innovations, Inc. for the development, manufacturing, marketing and sale of existing and to-be-developed consumer diagnostic products.
   

Accolades

• Chambers UK (2013)
  • Corporate/M&A - Mid-Market
  • Private Equity - Venture Capital Investment
• Legal 500 UK (2012)
  • Corporate and Commercial, M&A: Premium Deals, £250 m+
  • Corporate and Commercial, Venture Capital
     

Contacts

Paul Claydon
pclaydon@cov.com
44.(0).20.7067.2060

Mike Kingston 
mkingston@cov.com
44.(0).20.7067.2027

Louise Nash
lnash@cov.com
44.(0).20.7067.2028