Sale of Beauty Company to Major Retailer
The firm advised a luxury beauty product and spa services retailer in its acquisition by a major department store. The department store has reported that the $210 million acquisition will enable it to expand its selection of beauty products while increasing its nationwide presence. Under the agreement, the firm’s client, which currently operates over 60 specialty stores across the country as well as online, will continue to operate its stand-alone specialty business under its current brand. Leveraging the major retailer’s technology, supply chain, and operations resources, the luxury beauty brand will be allowed to increase and strengthen its nationwide presence. A press release on the transaction is available here, and press on the transaction is available here.
Cross-Border IPO for China-Based Company
In 2014, Patterson Belknap acted as depositary counsel for a multinational financial institution in facilitating the largest cross-border IPO for a China-based limited holding company. The firm’s client acted, among others, as depositary bank for the NYSE-listed American Depositary Shares. In this transaction, in excess of $24.0 billion was raised including the sale of equity interests by existing shareholders. Subsequent to the closing of the IPO, Patterson Belknap has been instrumental in structuring cross-border transactions for holding company’s affiliates, including multi-jurisdictional equity based financing for these affiliates.
Telecommunications Company Corporate Debt Refinancing
In 2014, Patterson Belknap acted as issuer’s counsel in connection with the refinancing of corporate debt for a Barbados-based telecommunications company that owns and operates subsea fiber optic cable networks in the Caribbean, Central America and South America. The $1.25 billion multi-jurisdictional financing included a repayment of existing debt, the release of collateral in multiple jurisdictions and the listing of notes on the Luxembourg Stock Exchange. Since closing the refinancing, Patterson Belknap has advised the client as to covenant matters in connection with its sale of to a multinational telecommunications company headquartered in London.
Global Depositary Notes (GDNs) Counsel
Patterson Belknap has acted as counsel for a GDN depositary in developing sovereign debt-based GDN programs from 16 countries. In addition to performing the legal due diligence for each of the jurisdictions, the firm has assisted in structuring the GDN programs to address legal and practical issues raised by the legal and infrastructural requirements of each of these jurisdictions and in preparing the applicable transaction documentation.
Restructuring of Company and Sale of Business Units
Patterson represented a
multinational machine tool maker serving the aerospace, automotive, mining and
industrial equipment sectors in the sale of several business units to a
European conglomerate. The client intended to retain certain core
business lines. Accordingly, the transaction required a restructuring and
refinancing of the company and its affiliates, including the splitting of its
U.S. operations into two separate subsidiary chains, the transfer of Chinese,
Indian and South Korean subsidiaries between the group being sold and the group
being retained and additional financing for the client’s European group.
The sale required careful coordination with foreign counsel in Germany,
Luxembourg, France, Mauritius, India, South Korea and China to balance U.S.
foreign tax considerations.