Latham Advises Ares Management on Equity Financing of Board Recommended Takeover of Apax Global Alpha Limited

Latham & Watkins is advising Ares funds (Ares) on the equity financing of a board recommended takeover of Apax Global Alpha (AGA), an investment fund listed on the Main Market of the London Stock Exchange that primarily holds interests in a portfolio of Apax private equity funds. The offer has been made by Janus Bidco Limited, a newly formed entity wholly owned by a new unlisted fund that will be advised by Apax, to acquire the entire issued and to-be-issued share capital of AGA. The offer comprises a cash offer and an unlisted share alternative offer, with Ares providing the equity financing for the cash offer. The cash offer values AGA’s share capital at approximately US$1.1billion on a fully diluted basis. The acquisition is expected to be implemented by way of scheme of arrangement, subject to the approval of AGA’s shareholders.

AGA is a Guernsey-registered closed-ended investment company admitted to the Official List and to trading on the London Stock Exchange's Main Market for listed securities. 

The Latham team was led by London funds partner James McCrory and London M&A partner Richard Butterwick, with associates Chris Ramsey, Richard Brown, Nick McCoy, and Gemma Cotton. Advice on tax matters was provided by New York counsel Lauren Bewley, and on antitrust matters by Brussels partner David Little and counsel Philipp Studt.