Pattonair’s $1.9 Billion Acquisition of Wesco

Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisors to Wesco, and Latham & Watkins LLP is providing legal counsel to Wesco. Hughes Hubbard & Reed LLP is providing M&A legal counsel to Pattonair, and Willkie Farr & Gallagher LLP is providing financing legal counsel to Pattonair.

Wesco Aircraft Holdings Inc. (NYSE: WAIR) is one of the world’s leading distributors and providers of comprehensive supply chain management services to the global aerospace industry.

Pattonair, an affiliate of Platinum Equity, is the leading global aerospace and defence supply chain service provider, with nearly half a century of experience in the industry, based in the United Kingdom.

Under the agreement, which has been unanimously approved by Wesco’s Board of Directors, Wesco shareholders would receive $11.05 per share in cash. The cash purchase price represents a premium of approximately 27.5 percent to the 90-day volume weighted average share price for the period ended May 24, 2019, the last trading day prior to media speculation regarding a potential transaction involving Wesco Aircraft.

The transaction will be financed through a combination of committed equity financing provided by affiliates of Platinum Equity Capital Partners IV, L.P., as well as debt financing that has been committed to by Bank of America Merrill Lynch.

Upon the completion of the transaction, Wesco will become a privately held company, and shares of its common stock no longer will be listed on any public market.

Hughes Hubbard & Reed represents Pattonair with a team led by Ken Lefkowitz (Picture), which also includes Gerold Niggemann, Alexander Rahn, Spencer Harrison, Andy Braiterman, Matthew Syrkin, Gary Simon, Steve Greene, Michael DeBernardis, Erin DeCecchis, Jim Delaney, Alan Kashdan, Carol Remy, M. Shams Billah, Justin Cohen, Donald D’Amico, Brandon Gershowitz, Tyler Grove, Samuel Hurt, Dena Smith, Nitzan Weizmann, Giorgia Nagalli and Ose Okoruwa.

Willkie Farr & Gallagher team that handled the debt financing commitments for Pattonair was led by partners Cristopher Greer and Joshua Deason and included associates Jason Pearl and Sabine Houben.

Latham & Watkins LLP represents Wesco in the transaction with a corporate deal team led by Washington, D.C. partner Daniel Lennon and Chicago partner Bradley Faris, with associates Victoria VanStekelenburg, Sarah Kang, and Bharath Mohan. Advice was also provided on capital markets matters by Washington, D.C. partners Rachel Sheridan, Jason Licht, and Brian Miller, with associate Jonathan Drory; on financing matters by Washington, D.C. partner Jennifer Van Driesen; on tax matters by New York partner David Raab, with associate Eric Kamerman; on employee benefits matters by Washington, D.C. partner Adam Kestenbaum, with associate Stephanie Jeane; on intellectual property matters by New York partner Steven Betensky, with associate Pelin Serpin; on environmental matters by Washington, D.C. partner James Barrett, with associate Laura Glickman; on government contracts matters by Washington, D.C. partner David Hazelton and Washington, D.C. counsel Kyle Jefcoat, with associate Dean Baxtresser; on anti-corruption and sanctions matters by Washington, D.C. partners Les Carnegie and Erin Brown Jones, with associate Andrew Galdes; and on real estate matters by New York partner Dara Denberg, with associate Shira Bressler.

Involved fees earner: Shams Billah – Hughes Hubbard & Reed; Andy Braiterman – Hughes Hubbard & Reed; Justin Cohen – Hughes Hubbard & Reed; Michael DeBernardis – Hughes Hubbard & Reed; Erin DeCecchis – Hughes Hubbard & Reed; James Delaney – Hughes Hubbard & Reed; Donald D’Amico – Hughes Hubbard & Reed; Brandon Gershowitz – Hughes Hubbard & Reed; Steven Greene – Hughes Hubbard & Reed; Tyler Grove – Hughes Hubbard & Reed; Spencer Harrison – Hughes Hubbard & Reed; Samuel Hurt – Hughes Hubbard & Reed; Alan Kashdan – Hughes Hubbard & Reed; Kenneth Lefkowitz – Hughes Hubbard & Reed; Giorgia Nagalli – Hughes Hubbard & Reed; Gerold Niggemann – Hughes Hubbard & Reed; Ose Okoruwa – Hughes Hubbard & Reed; Alexander Rahn – Hughes Hubbard & Reed; Carol Remy – Hughes Hubbard & Reed; Gary Simon – Hughes Hubbard & Reed; Dena Smith – Hughes Hubbard & Reed; Matthew Syrkin – Hughes Hubbard & Reed; Nitzan Weizmann – Hughes Hubbard & Reed; James Barrett – Latham & Watkins; Dean Baxtresser – Latham & Watkins; Steven Betensky – Latham & Watkins; Shira Bressler – Latham & Watkins; Erin Brown Jones – Latham & Watkins; Les Carnegie – Latham & Watkins; Dara Denberg – Latham & Watkins; Jonathan Drory – Latham & Watkins; Bradley Faris – Latham & Watkins; Andrew Galdes – Latham & Watkins; Laura Glickman – Latham & Watkins; David Hazelton – Latham & Watkins; Kyle Jefcoat – Latham & Watkins; Eric Kamerman – Latham & Watkins; Sarah Kang – Latham & Watkins; Adam Kestenbaum – Latham & Watkins; Daniel Lennon – Latham & Watkins; Jason Licht – Latham & Watkins; Brian Miller – Latham & Watkins; Bharath Mohan – Latham & Watkins; David Raab – Latham & Watkins; Pelin Serpin – Latham & Watkins; Rachel Sheridan – Latham & Watkins; Stephanie Jeane – Latham & Watkins; Jennifer Van Driesen – Latham & Watkins; Victoria VanStekelenburg – Latham & Watkins; Joshua Deason – Willkie Farr & Gallagher; Cristopher Greer – Willkie Farr & Gallagher; Sabine Houben – Willkie Farr & Gallagher; Jason Pearl – Willkie Farr & Gallagher;

Law Firms: Hughes Hubbard & Reed; Latham & Watkins; Willkie Farr & Gallagher;

Clients: Pattonair Ltd; Wesco Aircraft Holdings Inc.;

Author: Ambrogio Visconti