Arthur Cox, A&L Goodbody, Latham & Watkins and Paul, Weiss advised on the €1.2 billion management buyout of Irish Continental Group (ICG).
Irish Continental Group plc (ICG), the leading Irish-based maritime transport group, is the subject of a recommended cash offer valuing the company at approximately €1.2 billion from its senior management team. ICG is dual listed on Euronext Dublin and the London Stock Exchange.
The acquisition, which represents the largest-ever public management buyout in Ireland, is proposed to be implemented by way of a scheme of arrangement under Irish law.
ICG operates passenger, vehicle and freight services under the Irish Ferries brand across routes between Ireland, Britain and Continental Europe, and provides container freight services under the Eucon Shipping & Transport brand.
Arthur Cox advised the bidder and senior management buyout team on the acquisition.
The transaction was led by Corporate and M&A partners Cian McCourt, Sarah McDermott and Sophie Frederix with senior associates Conor Quane and Conor Browne, and associates Lucy Thornton and Cathal Kelleher. The team also included Fintan Clancy, Orlaith Kane and Emily Briggs (Tax), Ciara Buckley and Ed McDonagh (Debt Finance) and Patrick Horan and Lís O’Connor (Competition and Regulated Markets).
A&L Goodbody acted as sole legal adviser to the Independent Directors of Irish Continental Group plc in relation to the recommended cash offer.
The team was led by Corporate and M&A Partner Alan Casey and Senior Associate Randal Stewart, with support from Edel Daly and Gráinne Roche. The wider team included Ronan Lyons, Charlie Carroll, Dr Vincent Power SC, Keavy Ryan, Rosaleen Boyle, Enda Hurley, Niamh McMahon, Deirdre Griffin and Aidan Coll.
Latham & Watkins advised the lenders on the financing for the management buyout.
The team was led by Finance Partner Conrad Andersen, Counsel Lynsey Edgar and Associate Yuka Nagata. Advice on hedging matters was provided by Partner Delyth Hughes, and tax advice was provided by Partner Aoife McCabe.
Paul, Weiss advised Global Infrastructure Partners’ flagship credit fund on its €455 million preferred equity investment to support the proposed €1.2 billion take-private acquisition of Irish Continental Group plc (ICG) by a management consortium led by ICG CEO Eamonn Rothwell.
Paul, Weiss also advised Rothwell’s management consortium on its €858 million senior secured infrastructure financing to support the takeover, subject to shareholder approval and customary closing conditions.
The Paul, Weiss team on the preferred equity investment was led by corporate partners Stefan Arnold-Soulby, Francesca Storey-Harris, Dan Schuster-Woldan and Matthew Hearn, and included partner David Holdsworth; tax partner Cian O’Connor; and antitrust partner Ross Ferguson.
The Paul, Weiss team on the senior secured financing was led by corporate partners Taner Hassan and Silvia Menendez.
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