Linklaters has won back Dubai International Capital (DIC) as a client, completing two mega-deals for the emirate’s investment arm in one week.
The firm navigated DIC through its $1.2bn (£580m) purchase of German aluminium producer Altadis from Rhône Group and Teachers’ Private Capital (TPC). Then a day later, the £600m purchase of Alliance Medical was signed, the first time that DIC has made a healthcare investment.
In both cases, the Linklaters team was led by Dubai-based corporate partner Scott Campbell and London-based private equity partners Richard Youle and Ian Bagshaw.
Youle told The Lawyer: “In this market in particular, Ian and I were really pleased to get the mandates via Scott in our Dubai office for a potentially great client for the practice.”
The last time Linklaters advised DIC was in relation to the purchase of an £800m majority stake in the Tussauds Group in 2005.
DIC since gravitated towards Freshfields Bruckhaus Deringer, where corporate partners David Higgins and Chris Bown manage the ongoing relationship. It was Freshfields that advised DIC on the £1.03bn sale of the Tussauds’ stake earlier this year.
Freshfields was conflicted out of the first of these current deals as it was advising Rhône and TPC. Corporate partner Matthew Cosans led the team. But Linklaters capitalised on that to gain a second instruction on the Alliance Medical purchase.
On the latter, Travers Smith’s head of private equity Charlie Barter led for the sellers and longstanding client Bridgepoint. Simmons & Simmons advised on Italian law. The management of Alliance Medical, which provides diagnostic imaging, turned to Lovells.
It is the first time Youle and Bagshaw have led on a public deal together at Linklaters since Bagshaw moved over to the firm from magic circle rival Clifford Chance in March. Campbell is also a Clifford Chance alumnus, joining Linklaters in 2005.