The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... 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.
Swiss firm Lenz & Staehelin, Linklaters and Sullivan & Cromwell have secured roles on Axa’s acquisition of Winterthur, the insurance arm of Credit Suisse, for Swiss Francs 12.3bn (£5.4bn).
The deal will make the French insurance company one the biggest players in Switzerland as well as adding operations in Asia and the rest of the Europe.
Sullivan & Cromwell is advising Axa on the corporate aspects of the deal led by Paris managing partner William Torchiana. European counsel Juan Rodriguez advised on antitrust issues. Bär & Karrer, led by Rolf Watter, was Swiss counsel for Axa.
Lenz & Staehelin is acting for Credit Suisse, led by partner Rudolf Tschaeni.
Axa is financing the acquisition through the mixture of a rights issue and debt which will include a hybrid bond.
The prospectus has already gone out for the EUR4.1bn (£2.8bn) rights issue, which is expected to take place in the next few weeks.
The debt package is expected to be around EUR4.8bn (£3.3bn). As well as the hybrid bond, it will include senior and subordinated bond issues. The hybrid bond is expected to contain both sterling and euro denominated tranches.
Linklaters’ Paris office is advising Axa on the financing package led by partner Gilles Endréo along with partners Severin Robillard. It is understood that Allen & Overy will act for the banks but the book building process has yet to start.