Allied Universal’s £3.8 Billion Recommended Cash Offer for G4S

Cleary Gottlieb Steen & Hamilton LLP, Freshfields Bruckhaus Deringer LLP and Kirkland & Ellis LLP acted as legal advisers to Allied Universal, while Linklaters LLP acted as legal adviser to G4S on the deal. Loyens & Loeff advised the lenders consortium led by Credit Suisse on the financing of Allied Universal’s acquisition of G4S.

Allied Universal executed its recommended offer to acquire the entire issued and to be issued share capital of G4S for 245 pence per share. The transaction has an aggregate equity value of approximately £3.8 billion. The transaction was announced on December 8 2020. The G4S Board of Directors have announced that they intend to unanimously recommend that G4S shareholders accept the Allied Universal offer and reject the offer made by GardaWorld.

The combination of Allied Universal and G4S will create a world leader in integrated security business with revenues of approximately $18 billion, operations in more than 90 countries and an extensive portfolio of blue-chip clients across the public and private sectors. Bringing together the companies’ cutting-edge smart technology solutions and manned guarding businesses will create a global one-stop shop for customers.

Allied Universal is North America’s leading security and facility services provider. With over 250,000 employees and offices located throughout the United States as well as internationally (Canada, Mexico and the United Kingdom), Allied Universal is responsible for protecting more than 50,000 client sites covering multiple specialty sectors such as higher education, healthcare, retail, commercial real estate, government and corporate campuses.

G4S is a leading global security company, specialising in the provision of security services and solutions to customers around the world. G4S’s roots can be traced back over 100 years to 1901, when the guarding company Kjøbenhavn Frederiksberg Nattevagt was set up in Denmark.  Since then, G4S Group has expanded both organically and through acquisitions, culminating in the merger of Securicor and Group 4 Falck to create G4S in 2004. G4S’s mission is to create material, sustainable value for its customers and shareholders by being the security provider of choice in all its markets.

The global Cleary team advising Allied Universal was led by partner Jim Langston (Picture). The Cleary M&A team consisted of partners Jim Langston (New York) and Sam Bagot (London) and associates Dan Tierney (London), Max Wade (NY), Matt Muntean (NY), Edward (Teddy) Nimetz (NY), Chris Gollop (London), Fred Howell (London) and Calvin Ketchum (NY). The global antitrust team was led by partners Jeremy Calsyn (Washington, D.C.) and Christopher Cook (Brussels) and included partner Mikhail Suvorov (Moscow), partner-elect Paul Gilbert (London), counsel Richard Pepper (Brussels), associates Lanto Sheridan (London), Elena Chutrova (Brussels), Fabio Chiovini (Brussels), Laure de Chalendar (Brussels), Laura Chovet Ballester (Paris), Irina Bratishkina (Moscow) and stagiaire Sophie Donnelly (Brussels). Partner Michael Albano (NY) and associates Alex Kurtz (NY) and Emily Barry (NY) provided executive compensation advice. Partners Jason Factor (NY), Corey Goodman (NY) and Richard Sultman (London) advised on tax matters. Partner Alexis Collins (Washington, D.C.) advised on litigation and enforcement matters. Partner Jonathan Kelly (London) and associates Frances Carpenter (London) and Pamela Holmes (London) advised on UK litigation and enforcement matters. Senior attorney Jim Corsiglia provided advice on anticorruption matters.

The Loyens & Loeff banking & finance and capital markets teams led by Anne-Marie Nicolas (partner) and Cédric Raffoul (local partner), together with Alvaro Garrido Mesa (Senior Associate) and Ignacio Jiménez Guardiola (associate) and the tax team composed of Willem Bon (partner), Nadège Le Gouellec (counsel) and Tom Hamen (senior associate) guided and supported the lenders consortium led by Credit Suisse and the notes purchasers on all Luxembourg legal aspects including, among others, structuring advice in respect of the vast and multiple-layered Luxembourg corporate and debt structure and the security package.

Involved fees earner: Michael Albano – Cleary Gottlieb Steen & Hamilton; Samuel Bagot – Cleary Gottlieb Steen & Hamilton; Emily Barry – Cleary Gottlieb Steen & Hamilton; Irina Bratishkina – Cleary Gottlieb Steen & Hamilton; Jeremy Calsyn – Cleary Gottlieb Steen & Hamilton; Frances Carpenter – Cleary Gottlieb Steen & Hamilton; Fabio Chiovini – Cleary Gottlieb Steen & Hamilton; Laura Chovet Ballester – Cleary Gottlieb Steen & Hamilton; Elena Chutrova – Cleary Gottlieb Steen & Hamilton; Alexis Collins – Cleary Gottlieb Steen & Hamilton; Christopher Cook – Cleary Gottlieb Steen & Hamilton; James Corsiglia – Cleary Gottlieb Steen & Hamilton; Laure de Chalendar – Cleary Gottlieb Steen & Hamilton; Jason Factor – Cleary Gottlieb Steen & Hamilton; Paul Gilbert – Cleary Gottlieb Steen & Hamilton; Christopher Gollop – Cleary Gottlieb Steen & Hamilton; Corey Goodman – Cleary Gottlieb Steen & Hamilton; Pamela Holmes – Cleary Gottlieb Steen & Hamilton; Frederick Howell – Cleary Gottlieb Steen & Hamilton; Jonathan Kelly – Cleary Gottlieb Steen & Hamilton; Calvin Ketchum – Cleary Gottlieb Steen & Hamilton; Alexander Kurtz – Cleary Gottlieb Steen & Hamilton; James Langston – Cleary Gottlieb Steen & Hamilton; Matthew Muntean – Cleary Gottlieb Steen & Hamilton; Edward Nimetz – Cleary Gottlieb Steen & Hamilton; Richard Pepper – Cleary Gottlieb Steen & Hamilton; Lanto Sheridan – Cleary Gottlieb Steen & Hamilton; Richard Sultman – Cleary Gottlieb Steen & Hamilton; Mikhail Suvorov – Cleary Gottlieb Steen & Hamilton; Dan Tierney – Cleary Gottlieb Steen & Hamilton; Max Wade – Cleary Gottlieb Steen & Hamilton; Willem Bon – Loyens & Loeff; Alvaro Garrido Mesa – Loyens & Loeff; Tom Hamen – Loyens & Loeff; Ignacio Jimenez Guardiola – Loyens & Loeff; Nadège Le Gouellec – Loyens & Loeff; Anne-Marie Nicolas – Loyens & Loeff; Cédric Raffoul – Loyens & Loeff;

Law Firms: Cleary Gottlieb Steen & Hamilton; Loyens & Loeff;

Clients: Allied Universal; Credit Suisse;

Author: Ambrogio Visconti