Pinsent Masons, led by partners Martin Shaw and Andrew Black, has advised longstanding engineering client IMI on the £293m disposal of its plastic pipes subsidiary Polypipe Building Products to New York-based private equity fund Castle Harlan. The disposal by IMI is the last in a series identified by the company four years ago as part of a strategic repositioning, which has seen the company move to concentrate on its fluid controls and retail dispense business. Macfarlanes and Skadden Arps Slate Meagher & Flom advised Castle Harlan. Heathrow-based shipping boutique Curtis Davis Garrard has advised Sweden’s Stena Group on a $500m (£271.2m) contract with Samsung Heavy Industries for the construction of a new deepwater crude oil drill ship. Senior partner Simon Curtis and partner Robert Platt acted for Stena on the deal, which will see the delivery of the 228-metre vessel in December 2007. Named Stena Forth, the ship will be able to drill to a depth of 3,000 metres even in harsh weather environments such as Norway’s Barents Sea. Curtis said: “Demand for offshore units capable of operating in deep water and harsh environments is very strong at present, reflecting current and projected oil prices close to historical highs.” Samsung’s legal work was done in-house.
Osborne Clarke has advised private equity group 3i on the two-stage sale of UbiNetics, the supplier of 3G mobile communications technology. UbiNetics’ test and measurement division was sold for £46m to US-based Aeroflex, while Cambridge Silicon Radio (CSR) bought the volume product business for $48m (£26m). Slaughter and May and Skadden Arps Slate Meagher & Flom advised CSR and Aeroflex respectively.