The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Latham & Watkins, Shearman & Sterling and Weil Gotshal & Manges secured the lead mandates on The Priory Group’s acquisition of healthcare support provider Craegmoor Group.
Shearman and Weil acted for private equity house Advent International, which bought Priory in January. Weil, Advent’s longstanding corporate adviser, acted on M&A aspects, while a transatlantic Shearman team advised on the high-yield bond offering used to finance the transaction.
London capital markets partner Jacques McChesney led the deal for Shearman. The team also featured London finance partner Caroline Leeds Ruby, London real estate partner Clare Breeze, London tax partner Iain Scoon and his New York counterpart Bernie Pistillo.
Weil private equity partner Jonathan Wood led on the M&A side of the transaction for Advent.
Wood led the deal for the firm’s stalwart private equity client on the January acquisition of Priory from RBS, alongside London finance head Jacky Kelly.
Linklaters private equity partner Ian Bagshaw acted for the seller, RBS, on the £925m deal.
On the high-yield bond issue Latham capital markets partner Tracy Edmonson acted for bookrunners Deutsche Bank, RBS and Credit Suisse.
The deal will see Priory tap an existing bond due in 2018 with a 7 per cent coupon. The additional high-yield offering is worth £206m. The proceeds will be used to refinance debt related to the acquisition of the autism and learning disability specialist.
The deal will see the two companies combine their elderly care operations, while Priory will create its own new autism and learning disability services arm.