2 major M&A transactions completed through TLB financings

King & Wood Mallesons has advised arrangers on significant private equity TLB financings.

Tony Zhang • 14 July 2020 • Big Law

Firms: King & Wood Mallesons advised major financiers and arrangers including JPMorgan and Bank of America.

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Deal: King & Wood Mallesons has acted for the arrangers on the term Loan B financing of two significant private equity M&A transactions, marking two of the largest deals to complete since the global pandemic in this market according to the firm.

Value: Undisclosed.

Area: M&A.

Key players: The KWM team advising both arranger/lender groups was led by Will Stawell and Yuen-Yee Cho with support from partners Ros Anderson (M&A), and Scott Heezen (tax), senior associates Dan Flanagan, Aidan Drinkwater and Joanne Langford (tax), solicitors Samir Kinger, Dan Law and Sally Blake and graduate Deen Khan.

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Deal significance: Mr Stawell said that the completion of these two transactions should give the market confidence that liquidity exists to support quality leveraged buyout transactions notwithstanding the increased uncertainty resulting from the global pandemic.

Bank of America led the Australian law term loan B financing of Madison Dearborn Partners’ acquisition of a controlling stake in disability and employer services provider, APM.

American private equity firm Madison Dearborn Partners closed its acquisition of a controlling stake in disability employment services provider APM off Quadrant Private Equity, in a deal that valued the target at $1.5 billion.

Meanwhile, Apollo Global Management and CIMIC Group’s services contractor Ventia also closed its deal to acquire Ferrovial’s Broadspectrum for $485 million on Tuesday.

Barclays, JPMorgan, Citi, Credit Suisse and UBS arranged an incremental facility under Ventia’s existing US law term loan B facilities to fund its purchase of Ferrovial’s Broadspectrum.

“The KWM team has worked on all the Australian law private equity TLB transactions and is proud to be a trusted adviser assisting lenders with these complex financing transactions,” Mr Stawell said.

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Sue Kench (global chief executive, King & Wood Mallesons)
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Jane Needham SC (barrister and former president, NSW Bar Association)
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2 major M&A transactions completed through TLB financings

Bank of America led the Australian law term loan B financing of Madison Dearborn Partners’ acquisition of a controlling stake in disability and employer services provider, APM.

American private equity firm Madison Dearborn Partners closed its acquisition of a controlling stake in disability employment services provider APM off Quadrant Private Equity, in a deal that valued the target at $1.5 billion.

Meanwhile, Apollo Global Management and CIMIC Group’s services contractor Ventia also closed its deal to acquire Ferrovial’s Broadspectrum for $485 million on Tuesday.

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