Freshfields Bruckhaus Deringer and Pinsent Masons have scored the key roles as Michelin buys Fenner for £1.2bn.
The magic circle firm advised Tyre manufacturer Michelin with Pinsents taking the lead for the Yorkshire-based engineering firm.
The Freshfields team was led by corporate/M&A partner Stephen Hewes in London and global transactions partner Olivier Rogivue in Paris.
Pinsents corporate partners Andrew Black and Rob Hutchings led the firm’s team. They were supported by Leeds office head and pensions partner Jacqui Timmins and head of competition, EU and trade Alan Davis.
Under the terms of the deal, Michelin has purchased the entirety of Fenner’s shares on a fully diluted basis. Fenner focuses on polymer technology with advanced engineering products and engineered conveyor solutions arms acting as the businesses primary revenue streams.
Data gathered for The Lawyer Market Intelligence (LMI) shows that Michelin has routinely turned to White & Case for corporate, financial services and tax matters. The US firm advised the French company on a $600m bonds deal earlier in the year with four major institutional banks. Partners Severin Robillard and Thomas Le Vert acted for Michelin out of White & Case’s Paris office.
Background to the deal
The Lawyer has no prior data on the magic circle firm having acted for Michelin in the past, suggesting this could be a first instruction for the firm from the global company.
For Pinsents, the Fenner deal falls squarely in-line with the firm’s core sector focuses. Of the firm’s six core sectors, advanced manufacturing & technology is a key strategic aim and the firm consistently looks for work in this vein.
LMI data shows White & Case’s Robillard and Le Vert to be trusted advisers of Groupe Michelin, frequently advising on financing deals with some of the world’s biggest banks.