Case Study: Takeda Pharmaceutical Company
A landmark cross-border deal
We acted as lead transaction counsel on Takeda Pharmaceutical Company’s $62bn takeover of Shire plc. The takeover was the largest ever outbound acquisition by a Japanese company, as well as being a landmark deal for the healthcare sector. In addition to being the largest public M&A deal in 2018 globally, the debt financing to pay for the cash component of the acquisition was the largest ever by an Asian company. The takeover has enabled Takeda to become one of the top ten global pharmaceutical companies – something that will allow Takeda to accelerate its transformation journey and deliver highly-innovative medicines to patients around the world through its expanded scale and geographical footprint.
"Close collaboration between different international practice areas within Linklaters was key to delivering this innovative and truly global deal."
James Inglis, Partner, London
Case Study: Hertz
A co-ordinated team from our Shanghai, Hong Kong, London and New York offices had guided Hertz through its pre-IPO investment into CAR Inc., the Hong Kong-listed, China-based, market leader in car rentals, in 2012, before taking on the Hong Kong IPO of CAR Inc. itself in 2014. Then, with the relationship well-established, the team set to work helping Hertz on a crucial deal in their China growth strategy. We advised on the sale of the majority of their shareholding in CAR Inc., to UCAR Technology Inc., a chauffeured car service provider, also based in China. In the end, the sale came together very quickly over a weekend. It called for our global team to rally round in order to meet the deadline. Ultimately, the hard work was all worthwhile for the thrill of securing a market-leading deal. The sale generated US$240 million in proceeds for Hertz, and the client was delighted with our joined-up, invested team.
"We were all really attached to this client, so when the time came to respond, it came naturally. We worked across four offices to negotiate the strategic sale and co-operation agreements. And the client thought it was just brilliant."
Craig Dally, Partner, Hong Kong
Case Study: Unifergie
The scale to shine
"As this was such a large deal, Unifergie wanted to step up the quality of the people that they worked with, so they turned to us based on our reputation."
Francois April, Partner, Paris
With around 40 times the security documents and conditions that are usually required for project financing, it was clear this was no ordinary undertaking. A member of the Credit Agricole group, Unifergie sought our services for the refinancing of Tenergie’s 42 solar power plants. We completed the deal successfully, thanks to our open approach to collaboration, and our expertise. Specifically, we could draw learning from similar large-scale projects. Experience that only a firm of our scale can provide. Then we deployed significant resources to get the project over the line, while working with all stakeholders, including Clifford Chance. And it's not the end of the story. Impressed by our commercial-mindedness, the sponsor’s financial advisor invited Linklaters to pitch for future projects.
Case Study: SSE Renewables
The energy to lead
Appointed due to our cross-practice expertise and global network, we advised SSE Renewables, Copenhagen Infrastructure Partners and SDIC Partners on the £2.6 billion financing of the Beatrice wind farm in Scotland. It’s the largest sustainable transaction to date under the UK’s low carbon regime. And one that reinforces our position as the leading legal advisor in renewables. In the same period, we were fortunate enough to win not just awards for the wind, biomass and solar transactions of the year but also to be named Project Finance Team of the Year by two separate publications. Co-ordinating 11 countries and numerous work streams, of course, called for a great deal of energy of our own. Our success is credit to the exceptional collaboration of our team around the world, and the drive of our people.
"It was an invaluable experience. Over the last year, it's been immensely satisfying working as part of a truly integrated team and providing advice on virtually every aspect of this transaction - from the construction and power purchase arrangements through to the financing. It's been great to see first-hand just how unique our team is. A real effort is made to keep energy high. Everyone gets a say."
Subir Rajadhyaksha, Managing Associate, London