Linklaters and Weil Gotshal & Manges have won the top roles on Caisse de dépôt et placement du Québec’s (CDPQ) first major foray into UK M&A.

The deal sees CDPQ acquire a minority stake in Hyperion Insurance Group, investing more than $400m to provide new growth equity and liquidity to existing shareholders.

Weil Gotshal partner Jonathan Wood led the deal for the company Hyperion, while tax advice was provided by partner Oliver Walker.

Antitrust associate Neil Rigby worked on antitrust issues, while the firm’s associate group also included Ellie Fialho, Sam Blake, Michael Kenny and Stuart Pibworth.

Norton Rose Fulbright also provided regulatory support to the company, with partner Charlotte Henry taking the lead.

Weil Gotshal worked opposite Linklaters partners Alex Woodward and Kanyaka Ramamurthi, who advised investor CDPQ in its first major M&A deal in the UK. They were supported by associate Panayiotis Koullouros.

The transaction means CDPQ joins General Atlantic as a key investor in Hyperion.

Hyperion is an insurance intermediary group, with brands including Howden, Dual and RKH Speciality. It also has insurance broking and underwriting agency arms of the business.

Alongside the transaction, Weil Gotshal will be advising on Hyperion’s subsequent debt refinancing, also announced today (5 December).

Background to the deal

This is the first time Linklaters has advised CDPQ on an M&A matter – the transaction also standing as CDPQ’s first significant entry on the UK M&A scene.

According to the Lawyer Market Intelligence, CDPQ has announced various M&A transactions this year in France, USA and Canada. The most prominent advisers are Norton Rose Fulbright and Simpson Thacher & Bartlett, while Sullivan & Cromwell London partner Ben Perry supported CDPQ on its investment to support SNC-Lavalin’s expansion projects in April.

Weil Gotshal has been a longstanding adviser to Hyperion, advising on General Atlantic’s initial investment in the company in 2013. Wood also worked on the merger of Hyperion with RK Harrison in 2015.