EQT Infrastructure’s Acquisition Of First Student and First Transit From FirstGroup plc

Slaughter and May and Davis Polk advised FirstGroup plc on the deal, while Simpson Thacher advised EQT Infrastructure.

FirstGroup plc sold its North American contract businesses, First Student and First Transit, to EQT Infrastructure for an enterprise value of $4.6 billion (equivalent to approximately £3.3 billion).

The transaction is conditional upon approval by FirstGroup’s shareholders as a Class 1 transaction under the UK Listing Rules and various other approvals, including regulatory and anti-trust approvals.

Slaughter and May supported the in-house legal team at FirstGroup, led by David Isenegger (Group General Counsel & Company Secretary) and Christy Baker (Group Legal Director), alongside FirstGroup’s US counsel, Davis Polk & Wardwell.

The Slaughter and May team was led by Andrew Jolly (Picture) with support from Filippo de Falco, Partner, Helen Emanuel, Associate, Jade Ewers, Associate, Anika Sethy Associate, Matthew Crilly, Trainee, Ben Lammin, Trainee, Emily AlHamarneh, Trainee, Ed Fife, Partner, Melissa Maynard, Associate, Sandeep Maudgil, Partner, James Chumbley, Associate and Gareth Miles, Partner.

Davis Polk advised FirstGroup with partner Phillip R. Mills, counsel Ajay B. Lele and associate Jenny Ge. Partner Veronica M. Wissel provided executive compensation advice. The tax team included partner William A. Curran and associate Joshua J. Micelotta. Partner J.W. Perry and associate Robert F. Smith provided finance advice. Partner Pritesh P. Shah provided intellectual property advice. Partner Ronan P. Harty provided antitrust and competition advice.

Simpson Thacher advised EQT Infrastructure with Naveed Anwar, Robert Langdon, Michael T. Holick, Frederick W.P. De Albuquerque, Fiona S. Gillan and Jessica Mason (U.S. M&A); Amy Mahon and James Campisi (U.K. M&A); Eli Isak, Brian Steinhardt and Dorothy Anne Hector (Credit); Hui Lin and Adriana Estor (Capital Markets); Jeannine McSweeney, Ashlie Lawton and Caitlin M. Fitzgerald (Executive Compensation and Employee Benefits); Robert Lee and Vandana Harris (Funds); Jonathan Goldstein and Scott Grundei (Tax); Genevieve Dorment and Kate Mirino (Intellectual Property); Jonathan Lindabury and Nathan Utterback (Derivatives); Dennis Loiacono and Sheryl G. Koretz (Real Estate); Adeeb Fadil and Noreen Lavan (Environmental); and Sara Y. Razi, Kelly Karapetyan and Nicholas L. Ingros (Antitrust).

Involved fees earner: William Curran – Davis Polk & Wardwell; Jenny Ge – Davis Polk & Wardwell; Ronan Harty – Davis Polk & Wardwell; Ajay Lele – Davis Polk & Wardwell; Joshua Micelotta – Davis Polk & Wardwell; Phillip Mills – Davis Polk & Wardwell; John Perry – Davis Polk & Wardwell; Pritesh P. Shah – Davis Polk & Wardwell; Robert Smith – Davis Polk & Wardwell; Veronica Wissel – Davis Polk & Wardwell; Naveed Anwar – Simpson Thacher & Bartlett; James Campisi – Simpson Thacher & Bartlett; Frederick De Albuquerque – Simpson Thacher & Bartlett; Genevieve Dorment – Simpson Thacher & Bartlett; Adriana Estor-Restrepo – Simpson Thacher & Bartlett; Adeeb Fadil – Simpson Thacher & Bartlett; Caitlin Fitzgerald – Simpson Thacher & Bartlett; Fiona Gillan – Simpson Thacher & Bartlett; Jonathan Goldstein – Simpson Thacher & Bartlett; Scott Grundei – Simpson Thacher & Bartlett; Vandana Harris – Simpson Thacher & Bartlett; Dorothy Hector – Simpson Thacher & Bartlett; Michael Holick – Simpson Thacher & Bartlett; Nicholas Ingros – Simpson Thacher & Bartlett; Eli Isak – Simpson Thacher & Bartlett; Kelly Karapetyan – Simpson Thacher & Bartlett; Sheryl Koretz – Simpson Thacher & Bartlett; Robert Langdon – Simpson Thacher & Bartlett; Noreen Lavan – Simpson Thacher & Bartlett; Ashlie Lawton – Simpson Thacher & Bartlett; Robert Lee – Simpson Thacher & Bartlett; Hui Lin – Simpson Thacher & Bartlett; Jonathan Lindabury – Simpson Thacher & Bartlett; Dennis Loiacono – Simpson Thacher & Bartlett; Amy Mahon – Simpson Thacher & Bartlett; Jessica Mason – Simpson Thacher & Bartlett; Jeannine McSweeney – Simpson Thacher & Bartlett; Kate Mirino – Simpson Thacher & Bartlett; Sara Razi – Simpson Thacher & Bartlett; Brian Steinhardt – Simpson Thacher & Bartlett; Nathan Utterback – Simpson Thacher & Bartlett; James Chumbley – Slaughter and May; Filippo de Falco – Slaughter and May; Helen Emanuel – Slaughter and May; Jade Ewers – Slaughter and May; Ed Fife – Slaughter and May; Andrew Jolly – Slaughter and May; Sandeep Maudgil – Slaughter and May; Melissa Maynard – Slaughter and May; Gareth Miles – Slaughter and May; Anika Sethy – Slaughter and May;

Law Firms: Davis Polk & Wardwell; Simpson Thacher & Bartlett; Slaughter and May;

Clients: EQT Infrastructure; FirstGroup plc;

Author: Federica Tiefenthaler