Weil Gotshal scoops £3.2bn Terra Firma mandate on EMI deal

Weil Gotshal has snared a historic win advising Terra Firma on the £3.2bn takeover of music publishing giant EMI after a hard-fought auction.

A Weil Gotshal team led by corporate partners Marco Compagnoni and Ian Hamilton advised the private equity house, just weeks after advising Terra Firma on its unsuccessful bid for Alliance Boots.

Weil Gotshal’s relationship with Terra Firma is of relatively recent standing and is mainly linked with Marco Compagnoni, who arrived at the US firm from Lovells 18 months ago.

The EMI deal underlines the growing power of law firms with a developed private equity capability. The announcement comes after private equity firms Cerberus, Fortress and One Equity all expressed an interest in bidding for the company.

EMI instructed long-term adviser Freshfields Bruckhaus Deringer to advise on the deal, accepted the 265p a share cash offer made by Terra Firma, which values EMI at £3.2bn including debt. M&A partner Mark Rawlinson led the Freshfields team.

EMI has said it will go ahead with securitisation of its music publishing assets.