Weil and Freshfields steer campbell buy

Weil Gotshal & Manges and Freshfields Bruckhaus Deringer advised in Premier Foods’ £460m acquisition of the UK and Irish businesses of Campbell Soup. Premier proposes to fund it primarily through an underwritten rights issue to raise around £450m. The acquisition and rights issue are conditional on shareholder approval. The sale is expected to occur before the rights issue closes and Premier has arranged a bridge finance facility of £450m for this purpose. Weil advised Premier, led by corporate partners Mike Francies and Ian Hamilton. Arthur Cox advised Premier on Irish law issues. Freshfields advised Campbell Soup, led by corporate partner Martin Taylor. Slaughter and May advised the sponsor and underwriters.