Allen & Overy has advised Oswestry, a bid company established by Malcolm Walker, founder and executive chairman of the business, on its acquisition of Iceland Foods Group for £1.45bn.
The bidder has been formed by the Iceland Foods management team, led by Walker, with Tarsem Dhaliwal, Nigel Broadhurst and Nick Canning, who will together own 43 per cent of the business.
The remaining 57 per cent will be owned by co-investors Brait, a South African investment company, The Landmark Group, a retail group with interests in the Middle East and India, and Lord Kirkham, founder of the DFS business.
An £860mn debt package of all senior debt was funded by Credit Suisse, Deutsche Bank, HSBC, Nomura and RBS. Allen & Overy advised on the terms of the acquisition from the previous majority owners on the equity fundraising and the debt terms.
The Allen & Overy team was led by corporate partner George Knighton, supported by corporate associates William Samengo-Turner and Alex Tilley. Banking partner Jonathan Brownson, supported by banking senior associate Chris Barron, advised on the debt terms.