Freshfields and Linklaters scoop Terra Firma infrastructure deal

Freshfields Bruckhaus Deringer and Linklaters advised on the latest infrastructure deal that saw private equity house Terra Firma sell a 50 per cent stake in a German motorway service station operator to Deutsche Bank’s infrastructure arm.

Corporate partner David Higgins at Freshfields advised RREEF, the US infrastructure division of Deutsche Bank, on the sale of Tank & Rast, for which financial details have not been disclosed, but which reports suggest was in the region of €1.2bn (£810m). Finance partner Neil Falconer advised on the debt.

“It’s all part of our continuing focus on infrastructure,” said Higgins.

Meanwhile, private equity partners Richard Youle and Charlie Jacobs at Linklaters consolidated the magic circle firm’s relationship with Guy Hands’ private equity house Terra Firma. Corporate partners Peter Erbacher and Ralph Drebes also worked on the deal.

Linklaters has longstanding ties to Terra Firma and advised on the original fund formation, but has not advised on the sell side for some time.

Traditionally the relationship with Terra Firma at Linklaters was managed by private equity partner Raymond McKeeve, who moved with fellow partner Graham White to US firm Kirkland & Ellis last year.

Terra Firma has been widening its choice of legal advisers recently, with Weil Gotshal & Manges now standing alongside Ashurst, Clifford Chance, Freshfields and Linklaters.