Linklaters advises on US$2.1bn acquisition of Abbot Group PLC

Linklaters acted for the mandated lead arrangers in relation to the USD1.55bn Senior Facilities

Linklaters acted for the mandated lead arrangers in relation to the USD1.55bn Senior Facilities made available to Turbo Alpha Limited (an acquisition vehicle incorporated by First Reserve Corporation) to fund part of the acquisition of Abbot Group PLC, a UK rig and drilling operator, contractor, designer and constructor. The acquisition was completed by way of Scheme of Arrangement.

The transaction included a structurally subordinated Mezzanine Facility which operates as a bridge to a High Yield Bond Financing.

The takeover by way of Scheme of Arrangement was announced on 19 December 2007, with the Scheme becoming effective on 7 March 2008. Completion of the acquisition then occurred on 20 March 2008.

Brian Gray, banking partner commented:
"This transaction was First Reserve's first European deal. Although the oil support services sector is very hot at the moment, underwriting lbo debt of this size in the current markets is a much less simple affair than it was, say, a year ago. We are delighted to have been able to help our clients bring this deal to market ahead of other potential deals currently being worked on in this sector. As a firm we have advised successful clients on the majority of the largest private equity deals completed since the "credit crunch" started in August last year, this year including Carlyle's Numericable/Completely acquisition, Global Infrastructure Partners and Montagu Private Equity 's take-private of Biffa, Candover's take-private of Stork, Permira's acquisition of Arysta Life Sciences and KKR's take-private of Northgate Information Solutions."

The team was led by partners Brian Gray and Robert Burt and included: Stephen Lucas, Nicola Marley, Kieron Zaman, Katie Finch, Chris Medley, Kanmi Lawson, Cecil Leung, Neil Harnby, Nicholas Zaklama, Aisling Zarraga, Fiona Gregory, Cheryln Chang (London); Marc Trinkhaus, Julian Zaich, Michael Ehret, Britta Kügler, Seth Ericsson (Frankfurt); Marijn Flinterman, Vanessa Veema (Amsterdam); Sabrena Silver, Mike Neary, Jen Green, Andy Bloom (New York) and Eugene Ooi, Nelson Chu (Singapore).