Barlow Lyde & Gilbert has scored its largest corporate deal this year, acting for long-term client Swedish industrial company Trelleborg on its £495m acquisition of the Polymer Sealing Solutions business from Smiths Group.
Trelleborg bought the business after winning an auction, which saw Montagu Private Equity, US conglomerate Eaton and Swedish rival SKF in the running.
Barlows corporate partner Keith Snedden co-headed the deal for Trelleborg, which he has acted for since practising at Travers Smith Braithwaite 12 years ago. Corporate partner John Longdon, who worked with Snedden at Travers, also led.
Allen & Overy (A&O) resumed its role as lead adviser to Smiths Group, with corporate partner Helen Harrison-Hall leading. The firm acted on the original £1.7bn merger in 2000 between Smiths and TI Group, the original owner of Polymer Sealing Solutions. A&O has since advised on Smiths’ large, six-deal disposal programme.
Due diligence proved to be the biggest hurdle, since the transaction involved 25 jurisdictions. The sale is expected to complete by early September, once US and EU regulatory approval has been obtained.
Dallas-based Jenkens & Gilchrist is refusing to bow to an unprecedented de-mand from the Internal Revenue Service (IRS) to reveal the names of clients allegedly based in illegal tax havens.The IRS has served a summons on Jenkens & Gilchrist asking its Chicago office to reveal the names of more than 600 clients that the IRS […]