Cleary Gottlieb Steen & Hamilton has elbowed aside Clifford Chance Pünder to advise Siemens on its €1.1bn (£0.76bn) acquisition of Alstom’s industrial turbine business.
This is the first corporate deal on which Cleary has advised Siemens, having previously advised the German giant only on antitrust issues.
A Clifford Chance partner shrugged off the snub by one of its most important clients, saying that it was natural for a big company to spread the work around and that it was working on other deals for Siemens.
The acquisition is one of Siemens’ biggest in recent years and comprises two separate transactions. Alstom is selling both its small gas turbines and its medium gas and steam turbines businesses as part of a €6bn (£4.1bn) disposal plan to save the company from possible bankruptcy.
Cleary Gottlieb London partner Simon Jay is leading the transaction with assistance from lawyers in Brussels, Frankfurt, New York, Washington DC and Moscow.
The first deal for the small turbines business is due to be concluded today. The parties were anticipating that the European Commission (EC) would derogate from the normal waiting period, based on the absence of antitrust issues and Alstom’s parlous financial state. Siemens will not be able to integrate the small turbines business until the completion of the final review by the EC.
Hugh Nineham of Lovells is advising Alstom.