The $33bn (£17.7bn) private equity consortium buyout of Tennessee’s Hospital Corporation of America (HCA) was the largest deal of its kind this year. Simpson Thacher & Bartlett advised private equity giant Kohlberg Kravis Roberts (KKR), Proskauer Rose acted for Merrill Lynch Global Private Equity and Ropes & Gray advised Bain Capital. Sullivan & Cromwell advised HCA’s management, while Shearman & Sterling advised a special committee of HCA directors. Fried Frank Harris Shriver & Jacobson completed the line-up, representing financiers Bank of America.
New York’s Cravath Swaine & Moore advised IBM on its $740m (£396.88m) acquisition of MRO Software, a maker of asset management software. Corporate partners Scott Barshay and George Schoen led the team, which included tax partner Andrew Needham and employee benefits partner Eric Hilfers. Foley Hoag advised MRO on its sale, with a team led by John Hancock and Robert Sweet
Partner Graeme Sloan has completed his biggest deal to date since joining Latham & Watkins in May. Sloan, who joined Latham from Maclay Murray & Spens, was part of the Latham team advising on the E2.57bn (£1.75bn) sale of
aerospace engine-maker Avio to Cinven. The sale is Europe’s largest-ever aerospace deal and Italy’s largest-ever single-fund private equity transaction. Sloan worked alongside London corporate partner Michael Immordino, who led the Latham team advising the Carlyle Group, which owns 70 per cent of Avio. Italian defence group Finmeccanica, which was advised in-house, sold the remaining 30 per cent for E430m (£293m). As part of the deal Finmeccanica has agreed to reinvest in Avio alongside Cinven. Freshfields Bruckhaus Deringer advised UK private equity house Cinven, the buyers in the current deal, led by London corporate partner David Sonter. Chiomenti Studio Legale advised Carlyle on Italian law. Bonelli Erede Pappalardo advised Cinven on Italian corporate law and Gianni Origoni Grippo & Partners advised it on Italian financial aspects.
Cleary Gottlieb Steen & Hamilton has joined the bidding war for Canadian nickel producer Inco in what became Cleary’s second major mining instruction of the summer after advising on the Mittal bid for Arcelor.
Cleary partner Nicolas Grabar and partner Jeffrey Lewis are advising longstanding client Companhia Vale do Rio Doce on its hostile $17.5bn (£9.39bn) bid for Inco, which instructed a Sullivan & Cromwell team led by James Morphy.