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Allen & Overy’s (A&O) New York office has acted on its biggest deal to date for regular client GE after advising on its $3.8bn (£2bn) sale of its silicone and quartz interests to Apollo Management.
Partners Dan Cunningham, Eric Shube and Peter Harwich...
Allen & Overy’s (A&O) New York office has acted on its biggest deal to date, advising regular client GE after on its $3.8bn (£2bn) sale of its silicone and quartz interests to Apollo Management.
Partners Dan Cunningham, Eric Shube and Peter Harwich led the firm’s advice to the deal. It is the largest transaction the office has done for GE, and comes in the wake of the office’s advice to the multinational on its purchase of IDX Systems for $1.2bn (£680m) last year.
Apollo also instructed its preferred advisers, Wachtell Lipton Rosen & Katz, with partners Andy Nussbaum and Debbie Paul leading. Nussbaum and Paul both led on Apollo’s aquisition of TNT Logistics for £998m this August.
The proceeds of the sale of Advanced Materials, GE’s mineral subsidiary, will be used to set up a new company, in which GE will hold a 10 per cent stake and $400m (£212m) of notes. JPMorgan and UBS were GE’s financial advisers.