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Herbert Smith has won its first ever acquisition finance mandate from Société Générale (SocGen).
Herbert Smith was instructed alongside Dutch ally Stibbe to advise SocGen on a €215m (£118.1m) funding package for Luxembourg-based telecoms company Mach.
Mach is owned by Advent International and Providence Equity Partners, which will use the finance to acquire Danish telecoms company Dan Net. Lovells corporate partner Marco Compagnoni led a team advising the private equity sponsors.
The debt finance side of the deal was led by Herbert Smith senior associate Malcolm Hitching, who joined the firm from Norton Rose in November last year.
Herbert Smith has undertaken a couple of project finance deals for SocGen since the formation of the bank’s panel in 2003, such as the $100m (£55m) loan to oil company AO PetroKazakhstan, but Mach is its first leveraged finance transaction.
Hitching renewed his relationship with SocGen media and telecoms specialist Jerry Moore on the deal, having acted on the original investment by SocGen while he was at Norton Rose in November 2002. That deal saw SocGen, Bank of Ireland and WestLB back Advent Inter-national’s €95m (£62.9m) management buy-in of Mach.
This time around, Hitching, who was assisted by James Renwick and Helen Fletcher, also worked with Michael Lynch’s leveraged team at SocGen. Gerhardt Vels and Philip Tan, Stibbe lawyers based in London, led on the Dutch aspects of the deal, while Denmark’s Gorrissen Federspiel Kierkegaard provided Danish law advice.