Trio scores Mitsubishi sale

Hammonds, Macfarlanes and Paul Weiss have lined up on a rare £1bn deal as Mitsubishi Rayon swoops for UK chemicals company Lucite.

Hammonds corporate partners James McKay and Mark Robson acted for the seller, private equity firm Charterhouse.

Paul Weiss acted for existing client Mitsubishi Rayon and drafted in Macfarlanes in the UK for their first instruction from the company.

Paul Weiss corporate partners Toby Myerson and Tarun Stewart worked on the deal alongside Matthew Blows and John Dodsworth of Macfarlanes.

The transaction values Southampton-based Lucite at $1.6bn (£1bn), lower than initial estimates following a drop in demand for consumer products.

Charterhouse spurned usual advisers Allen & Overy and relationship partner Derek Baird, who acted on the fund’s disposal of baby care products company Avent in 2006 having brought the client with him from Lovells.

Lucite employs 2,000 staff in 10 countries and acquired by Charterhouse from ICI nine years ago. It owns brands including Lucite, Perspex and Tufcoat.

The company was advised by Merrill Lynch and Deutsche Bank, while Credit Suisse and Bank of Tokyo-Mitsubishi UFJ advised Mitsubishi.