Albion Acquisitions Limited’s Recommended Cash Acquisition Of Aggreko plc

Slaughter and May advised Aggreko plc on the deal, while Kirkland & Ellis advised Albion Acquisitions Limited. Shearman & Sterling advised the banks in connection with the senior financing in support of the acquisition.The deal involved the recommended cash acquisition of Aggreko’s entire issued and to be issued ordinary share capital by Albion Acquisitions Limited, a newly formed company owned by funds managed by I Squared Capital Advisors (US) LLC and investment funds managed by TDR Capital LLP.

The proposed acquisition was announced on 5 March 2021, following a previous announcement of a possible offer by the consortium on 5 February 2021.

Under the terms of the acquisition, each Aggreko shareholder will be entitled to receive 880 pence in cash for each Aggreko ordinary share held by them. This offer price will be reduced by the final dividend of 10 pence per Aggreko ordinary share (as announced by Aggreko on 1 March 2021 and subject to approval at Aggreko’s 2021 annual general meeting) to the extent that the dividend record date occurs before the effective date of the acquisition. The acquisition values the entire issued and to be issued ordinary share capital of Aggreko at approximately £2,322 million and is expected to complete in the summer of 2021, subject to receipt of customary shareholder, antitrust and foreign investment approvals.

Aggreko is a world-leading provider of mobile modular power, temperature control and energy services. Working at the forefront of a rapidly changing energy market, Aggreko solves customers’ energy problems by providing sector-specific, cost-effective and flexible solutions. Aggreko has 55 years of operational experience, around 6,000 permanent employees and 190 sales and service centres across the globe to support its customers across 79 countries.

Slaughter and May is supporting Aggreko’s in-house legal team led by Simon Thomson (Group Legal Director and Company Secretary) and Helen Middlemist (Deputy Company Secretary).

Slaughter and May’s team included Steve Cooke (Picture), Partner, Christian Boney, Partner, Di Yu, Associate, Ashwini Ponnampalam, Associate, Richard Bishop, Associate, Ben Crosby, Trainee, Giordano Magnante, Trainee, Cameron Anderson, Trainee, Phil Linnard, Partner, Philippa O’Malley, Associate, Chris Marlor, Associate, Charles Cameron, Partner, Chris Sharpe, Associate, Bertrand Louveaux, Partner, Murray Reeve, Associate, Sophia Clark, Associate and Charlie McGarel-Groves, Associate.

The Kirkland team was led by transactional partners David Holdsworth and Mark Thompson and associates Chris Connolly, Toshi Mahapatra and Louis Hopson; tax partner Mavnick Nerwal; antitrust & competition partner Paula Riedel and associates Joel Gory and Samantha Jones and investment funds partners Richard Watkins, Erica Berthou and Bryan McGee.

The Shearman & Sterling team advising Barclays, Bank of America Europe Designated Activity Company, Deutsche Bank Securities Inc., Deutsche Bank, Goldman Sachs International and Banco Santander S.A., London Branch in the financing, included Korey Fevzi, Marwa Elborai, Philip Stopford, Alan Rockwell, Tomasz Kulawik, Maria Cornilsen, Chantelle Dovey, Oscar Lopez, Patrick Clarke, Katherine Mcalinden, Brittany Roger, Nick Withers, Alex Skelton, Simon Letherman, Michael Ward, and Iain Sneddon.

Involved fees earner: Erica Berthou – Kirkland & Ellis; Chris Connolly – Kirkland & Ellis; Joel Gory – Kirkland & Ellis; David Holdsworth – Kirkland & Ellis; Louis Hopson – Kirkland & Ellis; Samantha Jones – Kirkland & Ellis; Toshi Mahapatra – Kirkland & Ellis; Bryan McGee – Kirkland & Ellis; Mavnick Nerwal – Kirkland & Ellis; Paula Riedel – Kirkland & Ellis; Mark Thompson – Kirkland & Ellis; Richard Watkins – Kirkland & Ellis; Patrick Clarke – Shearman & Sterling; Maria Cornilsen – Shearman & Sterling; Chantelle Dovey – Shearman & Sterling; Marwa Elborai – Shearman & Sterling; Korey Fevzi – Shearman & Sterling; Tomasz Kulawik – Shearman & Sterling; Simon Letherman – Shearman & Sterling; Oscar Lopez – Shearman & Sterling; Katherine McAlinden – Shearman & Sterling; Alan Rockwell – Shearman & Sterling; Brittany Roger – Shearman & Sterling; Alex Skelton – Shearman & Sterling; Philip Stopford – Shearman & Sterling; Michael Ward – Shearman & Sterling; Nick Withers – Shearman & Sterling; Richard Bishop – Slaughter and May; Christian Boney – Slaughter and May; Charles Cameron – Slaughter and May; Sophia Clark – Slaughter and May; Steve Cooke – Slaughter and May; Phil Linnard – Slaughter and May; Bertrand Louveaux – Slaughter and May; Chris Marlor – Slaughter and May; Charlie McGarel-Groves – Slaughter and May; Philippa O’Malley – Slaughter and May; Ashwini Ponnampalam – Slaughter and May; Murray Reeve – Slaughter and May; Chris Sharpe – Slaughter and May; Di Yu – Slaughter and May;

Law Firms: Kirkland & Ellis; Shearman & Sterling; Slaughter and May;

Clients: Aggreko plc; Albion Acquisitions Limited; Banco Santander – London Branch; Bank of America Europe Designated Activity Company; Barclays Capital ; Deutsche Bank; Deutsche Bank Securities; Goldman Sachs International;

Author: Federica Tiefenthaler