Advent International’s £1 billion Acquisition of Laird

Freshfields Bruckhaus Deringer LLP are retained as legal adviser to Laird. Linklaters LLP are retained as legal adviser to Advent and Bidco and Weil Gotshal & Manges (London) LLP are retained as financing legal adviser to Advent and Bidco. Paul Hastings LLP has acted for Goldman Sachs and Citigroup as arrangers in respect of the financing for the recommended public-to-private acquisition by Advent International of Laird PLC for approximately £1 billion.

AI Ladder Limited (“Bidco”) (a wholly-owned indirect subsidiary of funds managed by Advent International Corporation) and UK electronics and technology business Laird reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of Laird by Bidco.

The Acquisition is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act.

Under the terms of the Acquisition, Laird Shareholders shall be entitled to receive 200 pence in cash for each Laird Share held, representing an attractive premium of approximately: 72.6 per cent. to the closing price per Laird Share of 115.9 pence on 28 February 2018.

The Acquisition values the entire issued ordinary share capital of Laird at approximately £1 billion on a fully diluted basis.

Laird PLC designs, manufactures, and supplies components and solutions in North America, Europe, Asia, and internationally.

Paul Hastings LLP has acted for Goldman Sachs and Citigroup as arrangers in respect of the financing with a team including Luke McDougall (Picture), Richard Kitchen, Shekhar Kumar, Michael Baker and Lauren Winter.

 

Involved fees earner: Luke McDougall – Paul Hastings; Richard Kitchen – Paul Hastings; Shekhar Kumar – Paul Hastings; Michael Baker – Paul Hastings; Lauren Winter – Paul Hastings;

Law Firms: Paul Hastings;

Clients: Citigroup Inc.; Goldman, Sachs & Co.;