April 18, 2013
Latham & Watkins advised on two innovative deals which were recognized as “Deals of the Year” in IFLR’s European 2013 Awards.
The €2.7 billion debt restructuring of Italian directories provider SEAT Pagine Gialle was named “Restructuring Deal of the Year”, while the €2.8 billion acquisition of ThyssenKrupp’s Inoxum business by Finland’s Outokumpu won “M&A Deal of the Year”.
Latham & Watkins advised an ad hoc committee of bondholders to Luxembourg special purpose vehicle, Lighthouse International, in SEAT’s restructuring. IFLR noted that SEAT Pagine Gialle is “the latest example of a foreign company restructuring via an English law scheme of arrangement”, and added that the deal was notable for a “string of other innovations”, from an Italian banking and corporate laws point of view. The Latham & Watkins cross-border deal team was led by restructuring partners John Houghton and Holly Neavill in London, and finance partner Riccardo Agostinelli and corporate partner Maria Cristina Storchi in Milan.
Latham & Watkins advised the underwriters, JP Morgan and Nordea, in the rights offering of 1.3 billion new shares used to fund the acquisition of Inoxum by Outokumpu. Latham fielded a multi-jurisdictional team which was led by London capital markets partners Olof Clausson and Antti Ihamuotila.