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Linklaters and White & Case have landed lead roles on CVC Capital Partners' planned leveraged buyout (LBO) of tobacco company Altadis.
Linklaters, which has an established relationship with the private equity house, is advising CVC on all aspects of the e12.8bn (£8.63bn) bid. The team is being led by Madrid-based partner Alejandro Ortiz.
CVC's preferred financing counsel, Maurice Allen from White & Case, is advising the banks, including Deutsche Bank, Goldman Sachs and Société Genéralé, on the financing of the bid.
Last month (4 June) The Lawyer reported that Allen has strong links to CVC executives Mark Boughton and Hugh Briggs and is the preferred counsel for the private equity house's financing work.
The financing will include just one covenant that will cover the ratio of debt to earnings before interest, tax, depreciation and amortisation.
Ereira said: "Covenant-lite is still very much in the early stages in Europe and people are still exploring the extent that it could be applied to certain transactions."
In March, The Lawyer reported on Imperial Tobacco's e7.5bn (£5.06bn) all-cash offer for Altadis (15 March).
Allen & Overy is advising Imperial Tobacco, Garrigues is advising Altadis and Ashurst is advising Citigroup, ABN Amro and Morgan Stanley.
Imperial Tobacco is expected to be the favourite of the bidders due to better synergies between the companies.